Total bankruptcy filings in the United States decreased 8 percent in April over last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 100,702 in April 2013, down from the April 2012 total of 108,996. Consumer filings declined 7 percent to 96,344 from the April 2012 consumer filing total of 103,798.
Total commercial filings in April 2013 decreased to 4,358, representing a 16 percent decline from the 5,198 business filings recorded in April 2012. Conversely, total commercial chapter 11 filings increased 5 percent to 701 filings in April from the 666 commercial chapter 11 filings registered in April 2012.
“Households and businesses continue to adjust their balance sheets in response to low interest rates, tighter lending standards and decreased consumer spending,” said ABI Executive Director Samuel J. Gerdano. “These trends will continue to suppress bankruptcy filings this year.”
Total bankruptcy filings for the month of April represented a 2 percent decrease compared to the 102,653 total filings recorded in March 2013. Total noncommercial filings for April also represented a 2 percent decrease from the March 2013 noncommercial filing total of 98,558. However, April’s commercial filing total represented a 6 percent increase from the March 2013 commercial filing total of 4,095. April commercial chapter 11 filings also increased, rising 17 percent when compared to the 597 filings registered the previous month.
The average nationwide per capita bankruptcy-filing rate in April increased to 3.52 (total filings per 1,000 per population), an increase from the 3.40 rate registered in the first three months of the year. Average total filings per day in April were 3,357, an 8 percent decrease from the 3,633 total daily filings in April 2012. States with the highest per capita filing rate (total filings per 1,000 population) in April 2013 were:
- Tennessee (6.76)
- Georgia (5.76)
- Alabama (5.75)
- Illinois (5.59)
- Nevada (5.27)
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.