Total bankruptcy filings in the United States decreased 11 percent in January over last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 78,471 in January 2013, down from the January 2012 total of 88,028. Consumer filings declined 10 percent to 74,743 from the January 2012 consumer filing total of 83,022.
The total commercial filings in January 2013 also decreased to 3,728, representing a 26 percent decline from the 5,006 business filings recorded in January 2012. Total commercial chapter 11 filings experienced the largest decrease as the 479 filings fell 36 percent from the 749 commercial chapter 11 filings in January 2012.
“Filings continue to be restrained by reduced consumer spending, low interest rates and sustained deleveraging by businesses and households,” said ABI Executive Director Samuel J. Gerdano. “These trends point to continued declines in bankruptcy filings in 2013.”
Total bankruptcy filings for the month of January increased 4 percent compared to the 75,583 total filings registered in December 2012. The total noncommercial filings for January also represented a 4 percent increase from the December 2012 noncommercial filing total of 71,817. The January commercial filing total represented a 1 percent decline from the December 2012 commercial filing total of 3,765. The January commercial chapter 11 filings represented a 14 percent decrease when compared to the 559 filings the previous month.
The average nationwide per capita bankruptcy-filing rate in January was 3.04 (total filings per 1,000 per population). Average total filings per day in January were 2,540, an 11 percent decrease from the 2,840 total daily filings in January 2012. States with the highest per capita filing rate (total filings per 1,000 population) in January 2013 were:
- Tennessee (6.02)
- Alabama (5.01)
- Georgia (4.92)
- Illinois (4.70)
- Nevada (4.63)
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.
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.