Total Bankruptcy Filings Down 14 Percent Through Three Quarters of 2012, Commercial Filings Down 22 Percent
Alexandria, Va.— Total bankruptcy filings totaled 921,219 nationwide during the first nine months of 2012 (Jan. 1-September 30), a 14 percent decrease from the 1,073,021 total filings during the same period a year ago, according to data provided by Epiq Systems, Inc. The 876,469 total noncommercial filings through three quarters of 2012 represented a 14 percent drop from the noncommercial filing total of 1,015,408 through the first three quarters of 2011. Total commercial filings during the first nine months of the year were 44,750, representing a 22 percent decrease from the 57,613 filings during the same period in 2011. Chapter 11 filings also fell during the first nine months of 2012 as the 5,889 filings represented an 11 percent decrease from the 6,627 chapter 11 filings during the first nine months of 2011.
“We remain on pace for the lowest total bankruptcies since before the financial crisis in 2008,” said ABI Executive Director Samuel J. Gerdano. “Sustained low interest rates and weak consumer spending will continue to slow bankruptcies through the end of 2012.”
The 87,492 total bankruptcy filings for the month of September represented a 21 percent decrease compared to the 110,410 filings in September 2011. The 83,471 total noncommercial filings for September represented a 20 percent drop from the September 2011 noncommercial filing total of 104,638. Total commercial filings for September 2012 were 4,021, representing a 30 percent decrease from the 5,772 filings during the same period in 2011. Chapter 11 filings registered a 25 percent drop as the 693 chapter 11 filings in September 2011 fell to 523 in September 2012.
The average nationwide per capita bankruptcy-filing rate for the first nine calendar months of 2012 (Jan. 1-September 30) decreased to 3.97 (total filings per 1,000 per population) from the 4.04 rate for the first eight months of the year, and the average total filings per day in September 2012 was 2,916, a 21 percent decrease from the 3,680 total daily filings in September 2011. States with the highest per capita filing rate (total filings per 1,000 population) through the first nine months of 2012 were:
1. Tennessee (6.98)
2. Nevada (6.84)
3. Georgia (6.51)
4. Utah (5.99)
5. Alabama (5.92)
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 email@example.com.
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.