As the economy loses steam, bankruptcy filings are gaining momentum.

According to data released this week from Epiq’s Bankruptcy Analytics platform, year-over-year U.S. bankruptcy filings increased 7% across all chapters for the second consecutive month in September.

Epiq reported that there were 33,184 total filings registered in September, up 7% from last September’s total of 30,922.

Analysts said commercial Chapter 11 filings also rose, with 437 in September, a 76% increase compared to 249 filings during the same month in 2021.

Epiq went on to mention there were 1,994 commercial filings in September, a rise of 16% versus the 1,721 cases posted last September.

Analysts added the 31,190 individual filings in September also represented a 7% jump from the September 2021 total of 29,201.

“While year-over-year comparisons indicate bankruptcies are trending upward, all chapter year-to-date new filings are 9% lower than they were at the end of the third quarter last year,” said Gregg Morin, vice president, business development and revenue at Epiq Bankruptcy.

“While we anticipate economic pressures will continue to push new filing trends higher overall, we are still seeing mixed results month-over-month by individual chapters and debtor types,” Morin continued in news release.

Although September saw significant year-over-year increases, Epiq pointed out that year-to-date filings continue to run below 2021 levels.

Total U.S. bankruptcy filings decreased 9% during the first nine months of the year, as the 284,773 filings dropped from 312,647 filings in 2021.

Analysts also noted the 268,901 total individual filings through the first three quarters of this year also represented a 9% decrease from the individual filing total of 295,166 through the first three quarters of 2021.

Epiq said commercial bankruptcy filings during the first nine months of the year dipped 9% to 15,872 from the 17,481 filings during the same period in 2021.

Commercial Chapter 11 filings decreased three percent during the first nine months of 2022 from the same period a year ago, as the 2,831 filings declined from the 2,915 filings in 2021.

“The weight of inflation, rising interest rates and concern over supply chain channels continue to have an economic impact on companies and families,” American Bankruptcy Institute executive director Amy Quackenboss said in the news release.

“Bankruptcy provides distressed households and businesses with the opportunity to rebuild their financial futures,” Quackenboss went on to say.

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.