October Bankruptcy Filings Climb 11 Percent Month-Over-Month
ALEXANDRIA, Va. — In a development called an "aberration,"
the American Bankruptcy Institute said total U.S. bankruptcy filings for October
increased 11 percent compared to September.
According to data provided by Epiq Systems, October
bankruptcy filings totaled 89,875, up from the 80,668 filings registered in
September. The 86,331 total noncommercial filings for October represented a 12-percent
increase from the September noncommercial filing total of 77,274.
Total commercial filings for October came in at 3,544,
representing a 4-percent increase from the 3,394 filings in September.
"Despite this aberration, monthly year-over-year filing
totals have declined for 35 consecutive months," ABI executive director Samuel Gerdano
said. "We expect the full year total to drop to a level last seen in 2008 as
sustained low interest rates and sluggish consumer spending continue to
suppress bankruptcy filings."
The 89,875 total bankruptcy filings in October represented
an 11-percent decrease from the 101,399 filings registered in October of last
year. Total commercial filings for October were 3,544, representing a 27
percent decrease from the 4,837 filings during the same period in 2012.
The October commercial Chapter 11 filing total of 515
represented a 6-percent drop from the total of 549 filed in October of last
year.
In addition, the 86,331 total noncommercial filings for
October represented an 11-percent decline from the October 2012 noncommercial
filing total of 96,562.
ABI indicated the average nationwide per capita
bankruptcy-filing rate through the first 10 calendar months of this year was
3.45 (total filings per 1,000 per population).
Average total filings per day in October settled at 2,899,
an 11-percent decrease from the 3,271 total daily filings in October of last
year.
States with the highest per capita filing rate (total filings
per 1,000 population) through the first 10 months of 2013 included:
1. Tennessee (6.81)
2. Georgia (5.90)
3. Alabama (5.83)
4. Utah (5.38)
5. Indiana (5.25)
ABI partnered with Epiq Systems, provider of managed
technology for the global legal profession, in order to provide the most
current bankruptcy filing data for analysts, researchers and members of the
news media.
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