Total bankruptcy filings in the United States decreased 12 percent in February over the same period last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 72,193 in February 2014, down 12 percent from the February 2013 total of 82,336. Consumer filings declined 12 percent to 69,380 from the February 2013 consumer filing total of 78,614.
Total commercial filings in February 2014 decreased to 2,813, representing a 24 percent decline from the 3,722 business filings recorded in February 2013. Total commercial chapter 11 filings also decreased 27 percent, to 452 filings in February from the 619 commercial chapter 11 filings recorded in February 2013.
“Low interest rates, tighter lending standards and high costs to file continue to be reflected in fewer bankruptcy filings,” said ABI Executive Director Samuel J. Gerdano. “As these trends persist, expect bankruptcy filings to continue to decline in 2014.”
While bankruptcies were down from a year ago, February’s bankruptcy filings trended upward from January. Total bankruptcy filings for the month of February represented a 6 percent increase over the 68,187 total filings registered in January 2014. The total noncommercial filings for February also represented a 6 percent increase from the January 2014 noncommercial filing total of 65,286. Although the February commercial filing total represented a 3 percent decline from the January 2014 commercial filing total of 2,901, February commercial chapter 11 filings represented a 17 percent increase when compared to the 388 filings recorded the previous month.
The average nationwide per capita bankruptcy filing rate in February increased to 2.71 (total filings per 1,000 per population), a slight increase from the 2.64 rate registered in January 2014. With fewer days to file in the month, the average total filings per day in February were 2,578, a 12 percent decrease from the 2,941 total daily filings in February 2013. States with the highest per capita filing rate (total filings per 1,000 population) in February 2014 were:
- Tennessee (6.02)
- Georgia (4.91)
- Alabama (4.82)
- Illinois (4.33)
- Utah (4.06)
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.