The notable jump in bankruptcies experts have been predicting for some time arrived in August.

According to new research released from Epiq’s Bankruptcy Analytics platform, filings in August across all chapters rose 10% year-over-year, totaling 35,355 cases. That’s up from last August’s total of 32,276.

Furthermore, experts said total filings, both commercial and individual, increased 15% month-over-month compared to the July total of 30,854 filings.

Epiq reported August’s commercial filings represent a 16% increase compared to July’s commercial filing total of 1,607, while August’s individual filings represent a 15% increase compared to July’s individual filing total of 29,247.

Notably, for the first time in months, experts determined all chapters registered a month-over-month increase.

Epiq found that Chapter 11 filings increased 81%, totaling 466 filings in August compared to 257 registered in July.

Chapter 13 filings climbed 15%, totaling 14,981 filings compared to 12,992 registered in July.

Chapter 7 filings rose 13%, totaling 19,884 compared to the 17,593 registered in July.

“New bankruptcy filings in August clearly show momentum in the market,” Epiq Bankruptcy senior vice president Chris Kruse said in a news release. “Chapter 13 new filings continue the recent trend of month-over-month growth, and for the first time since March, we also see increases in new Chapter 7 filings in August.

“We expect this trend to continue as the U.S. exits the summer and marches toward the fourth quarter,” Kruse continued.

Epiq pointed out overall commercial filings increased 6% in August, as the 1,861 filings were up over the 1,753 commercial filings registered in August of last year.

Individual filings increased 10% totaling 33,494 in August compared to the 30,523 filed in August of last year.

From a commercial Chapter 11 perspective, Epiq indicated filings continue to trend up.

August’s Chapter 11 filings totaling 466 increased 81% from the 257 registered in July.

Small business filings, captured as subchapter V elections within Chapter 11, increased 41% to 140 in August from 99 in August of last year.

Similarly, experts noted August’s commercial Chapter 11 filings were up 91% above the 212 filings in July.

Epiq explained the commercial filing total represented a 16% increase from the July commercial filing total of 1,607. Subchapter V elections within Chapter 11 increased 42 percent from the 85 filed in July.

American Bankruptcy Institute executive director Amy Quackenboss offered her perspectives through the same news release.

“Financially distressed households and companies are experiencing expanding debt loads amid rising interest rates, inflation, and supply chain concerns,” Quackenboss said. “Though still at historically low numbers, the increase in bankruptcy filings in August points to more families and businesses looking for a path to alleviate mounting financial challenges.”

ABI has partnered with Epiq Bankruptcy, a leading provider of data, technology, and services for companies operating in the business of bankruptcy, to provide the most current bankruptcy filing data for analysts, researchers and members of the news media.

To learn more, go to bankruptcy.epiqglobal.com/analytics.