Total bankruptcy filings in the United States decreased 11 percent in October 2015 from October of last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 70,211 in October 2015, down from the October 2014 total of 79,006. Consumer filings also declined 11 percent to 67,742 from the October 2014 consumer filing total of 76,127.
Total commercial filings in October 2015 decreased to 2,469, representing a 14 percent decline from the 2,879 business filings recorded in October 2014. Conversely, total commercial chapter 11 filings increased 10 percent to 428 filings in October 2015 from the 391 commercial chapter 11 filings registered in October 2014.
“The bankruptcy filing totals reflect consumers and businesses continuing to bolster their balance sheets,” said ABI Executive Director Samuel J. Gerdano. “Low interest rates and high filing costs have total bankruptcies on track for the second-lowest total since changes to the bankruptcy law were implemented in 2005.”
Total filings for October increased 5 percent compared to the 67,138 total filings in September 2015. Total noncommercial filings for October also represented a 4 percent increase from the September 2015 noncommercial filing total of 64,933. October’s commercial filing total represented a 12 percent increase from the September 2015 commercial filing total of 2,205. October commercial chapter 11 filings were up 27 percent from the 336 filings recorded in September 2015.
The average nationwide per capita bankruptcy-filing rate in October was 2.70 (total filings per 1,000 population), a slight decline from the 2.71 rate for the first nine months of the year. Average total filings per day in October 2015 were 2,265, an 11 percent decrease from the 2,549 total daily filings in October 2014. States with the highest per capita filing rates (total filings per 1,000 population) in October 2015 were:
- Tennessee (6.32)
- Alabama (5.45)
- Georgia (5.12)
- Illinois (4.44)
- Utah (4.41)
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.