Total bankruptcy filings in the United States decreased 11 percent in May 2014 over May of last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 85,664 in May 2014, down from the May 2013 total of 96,495. Consumer filings declined 11 percent to 82,474 from the May 2013 consumer filing total of 92,440.
Total commercial filings in May 2014 decreased to 3,190, representing a 21 percent decline from the 4,055 business filings recorded in May 2013. Total commercial chapter 11 filings dipped 21 percent to 429 filings in May 2014 from the 540 commercial chapter 11 filings registered in May 2013.
“Bankruptcy filings continue to nose dive in the current environment of sustained low interest rates for business borrowers and lower than expected consumer spending,” said ABI Executive Director Samuel J. Gerdano. “As these conditions persist, bankruptcy filings will continue to decrease.”
Total bankruptcy filings for the month of May represented a 3 percent decrease compared to the 88,137 total filings recorded in April 2014. Total noncommercial filings for May also represented a 3 percent decrease from the April 2014 noncommercial filing total of 84,750. May’s commercial filing total represented a 6 percent decrease from the April 2014 commercial filing total of 3,387. May commercial chapter 11 filings experienced a 38 percent decrease when compared to the 687 filings registered the previous month.
The average nationwide per capita bankruptcy-filing rate in May was 3.13 (total filings per 1,000 per population), an increase from the 3.09 rate registered in the first four months of the year. Average total filings per day in May 2014 were 2,763, a 11 percent decrease from the 3,113 total daily filings in May 2013. States with the highest per capita filing rates (total filings per 1,000 population) in May 2014 were:
- Tennessee (6.30)
- Alabama (5.26)
- Georgia (5.25)
- Illinois (5.03)
- Utah (4.96)
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.