Total bankruptcy filings in the United States for July 2012 decreased 12 percent compared to the previous year, according to data provided by Epiq Systems, Inc.
July bankruptcy filings totaled 97,073, down from the 110,173 filings registered in July 2011. Total commercial filings for July 2012 were 4,513, representing a 22 percent decrease from the 5,800 filings during the same period in 2011. The 92,560 total noncommercial filings for July represented an 11 percent drop from the July 2011 noncommercial filing total of 104,373.
“The July filings continue to reflect the effects of sustained low interest rates and weak consumer spending,” said ABI Executive Director Samuel J. Gerdano. “We are still on pace for perhaps the lowest total new bankruptcies since before the financial crisis in 2008.”
July bankruptcy filings also represented slight decreases from June as total filings were down 2 percent from June’s total of 99,086. Commercial filings decreased 3 percent in July from the June total of 4,645, and noncommercial filings decreased 2 percent from the June total of 94,441.
Total commercial chapter 11 filings saw slight increases in July. Overall, the July commercial chapter 11 filing total of 599 represented a 1 percent increase from July 2011’s total of 596, and a 10 percent increase over the June 2012 total of 543.
The average nationwide per capita bankruptcy-filing rate for the first seven calendar months of 2012 (Jan. 1-July 31) decreased to 4.04 (total filings per 1,000 per population) from the 4.08 rate for the first six months of the year, and the average total filings per day in July 2012 was 3,131, a 12 percent decrease from the 3,554 total daily filings in July 2011.
States with the highest per capita filing rate (total filings per 1,000 population) through the first seven months of 2012 were:
- Nevada (7.00)
- Tennessee (6.97)
- Georgia (6.46)
- Utah (6.06)
- Alabama (5.89)
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.
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org.
Epiq Systems is a leading provider of managed technology for the global legal profession. Epiq Systems offers innovative technology solutions for electronic discovery, document review, legal notification, claims administration and controlled disbursement of funds. Epiq System’s clients include leading law firms, corporate legal departments, bankruptcy trustees, government agencies, mortgage processors, financial institutions, and other professional advisors who require innovative technology, responsive service and deep subject-matter expertise. For more information on Epiq Systems, Inc., please visit www.epiqsystems.com.