Bankruptcy Filings Fall 14 Percent for the First Half of 2012, Commercial Filings Drop 22 Percent
Alexandria, Va.— Total bankruptcy filings totaled 632,130 nationwide during the first six months of 2012 (Jan. 1-June 30), a 14 percent decrease from the 731,500 total filings during the same period a year ago, according to data provided by Epiq Systems, Inc. The 601,184 total noncommercial filings for the first half of 2012 represented a 13 percent drop from the noncommercial filing total of 691,902 for the first half of 2011. Total commercial filings during the first six months of the year were 30,946, representing a 22 percent decrease from the 39,598 filings during the same period in 2011. Chapter 11 filings also fell during the first half of 2012 as the 5,313 filings represented a 12 percent decrease from the 6,070 chapter 11 filings during the first six months of 2011.
“We are on pace for perhaps the lowest total new bankruptcies since before the financial crisis in 2008,” said ABI Executive Director Samuel J. Gerdano. “With sustained low interest rates and weak consumer spending, we expect bankruptcies to stay at relatively low levels through the end of 2012.”
The 99,057 total bankruptcy filings for the month of June represented an 18 percent decrease compared to the 120,698 filings in June 2011. The 94,437 total noncommercial filings for June represented a 17 percent drop from the June 2011 noncommercial filing total of 114,162. Total commercial filings for June 2012 were 4,620, representing a 29 percent decrease from the 6,536 filings during the same period in 2011. Chapter 11 filings registered a 28 percent drop as the 1,000 chapter 11 filings in June 2011 fell to 718 in June 2012.
The average nationwide per capita bankruptcy-filing rate for the first six calendar months of 2012 (Jan. 1-June 30) decreased to 4.08 (total filings per 1,000 per population) from the 4.13 rate for the first five months of the year, and the average total filings per day in June 2012 was 3,302, an 18 percent decrease from the 4,023 total daily filings in June 2011. States with the highest per capita filing rate (total filings per 1,000 population) through the first six months of 2012 were:
1. Nevada (7.06)
2. Tennessee (6.99)
3. Georgia (6.49)
4. Utah (6.12)
5. Alabama (5.88)
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.
For further information about the statistics or additional requests, please contact ABI Public Affairs Manager John Hartgen at 703-894-5935 or firstname.lastname@example.org.
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Epiq Systems is a leading provider of managed technology for the global legal profession. Epiq Systems offers innovative technology solutions for electronic discovery, document review, legal notification, claims administration and controlled disbursement of funds. Epiq System’s clients include leading law firms, corporate legal departments, bankruptcy trustees, government agencies, mortgage processors, financial institutions, and other professional advisors who require innovative technology, responsive service and deep subject-matter expertise. For more information on Epiq Systems, Inc., please visit http://www.epiqsystems.com.