Total U.S. bankruptcy filings for the month of October increased 11 percent compared to September, according to data provided by Epiq Systems, Inc. October bankruptcy filings totaled 89,875, up from the 80,668 filings registered in September 2013. The 86,331 total noncommercial filings for October represented a 12 percent increase from the September noncommercial filing total of 77,274.
Total commercial filings for October 2013 were 3,544, representing a 4 percent increase from the 3,394 filings in September.
“Despite this aberration, monthly year-over-year filing totals have declined for 35 consecutive months,” said ABI Executive Director Samuel J. Gerdano. “We expect the full year total to drop to a level last seen in 2008 as sustained low interest rates and sluggish consumer spending continue to suppress bankruptcy filings.”
The 89,875 total bankruptcy filings in October represented an 11 percent decrease from the 101,399 filings registered in October 2012. Total commercial filings for October 2013 were 3,544, representing a 27 percent decrease from the 4,837 filings during the same period in 2012. The October commercial chapter 11 filing total of 515 represented a 6 percent decrease from October 2012’s total of 549. In addition, the 86,331 total noncommercial filings for October represented an 11 percent drop from the October 2012 noncommercial filing total of 96,562.
The average nationwide per capita bankruptcy-filing rate through the first 10 calendar months of 2013 (Jan. 1-Oct. 31) was 3.45 (total filings per 1,000 per population). Average total filings per day in October 2013 were 2,899, an 11 percent decrease from the 3,271 total daily filings in October 2012. States with the highest per capita filing rate (total filings per 1,000 population) through the first 10 months of 2013 were:
- Tennessee (6.81)
- Georgia (5.90)
- Alabama (5.83)
- Utah (5.38)
- Indiana (5.25)
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.