The American Bankruptcy Institute reported total commercial bankruptcy filings for January 2012 fell 20 percent to 4,967 from 6,203 recorded in January 2011.  The total January 2012 commercial filings dropped 10 percent from the 5,496 filings in December 2011.

However, chapter 11 filings in the busiest bankruptcy jurisdictions are up significantly over last year, increasing by 40 percent in the District of Delaware and by 25 percent in the Southern District of New York (S.D.N.Y.). Two major
chapter 11 cases – Eastman Kodak and Ener1, Inc. – were filed in the S.D.N.Y. in January, while three major cases – Evergreen Energy Inc., Buffets Restaurants Holdings and Trident Microsystems, Inc. – were filed in Delaware.

“The continued decline in bankruptcies reflects the effort of consumers and businesses to shore up their debt loads in order to navigate through an uncertain economy,” said ABI Executive Director Samuel J. Gerdano. “We expect overall bankruptcy levels in 2012 to continue to trend downward until consumers increase household spending.”

ABI has partnered with Epiq Systems, Inc. in order to provide the most current bankruptcy filing data for analysts, researchers and members of the news media. Epiq Systems is a leading provider of managed technology for the global legal profession.