Alexandria, Va.- Commercial chapter 11 filings increased 12 percent in November 2017 over November of last year, according to data provided by Epiq Systems, Inc. Commercial chapter 11s totaled 433 in November 2017, up from the 386 commercial chapter 11s in November 2016. Total bankruptcy filings registered a slight increase as the 60,287 reported filings in November 2017 were up 2 percent from the November 2016 total of 59,349. Consumer bankruptcies also increased slightly in November 2017, as the 57,302 reported filings were 2 percent more than the 56,394 consumer filings registered in November 2016. Commercial bankruptcy filings totaled 2,985 in November 2017, a 1 percent decrease from the 3,077 commercial filings in October 2016.
'Distressed consumers and businesses seeking the financial relief of bankruptcy are deterred by high filing costs,' said ABI Executive Director Samuel J. Gerdano. 'Recommendations by ABI's Chapter 11 Commission and the ongoing efforts of the Commission on Consumer Bankruptcy are focused on removing barriers to filing for struggling businesses and families.'
To review the final recommendations of the ABI Commission to Study the Reform of Chapter 11, please click here. To view the ongoing work and upcoming meetings of ABI's Commission on Consumer Bankruptcy, please click here.
Commercial chapter 11 filings for November increased 37 percent compared to the 316 chapter 11s in October 2017. However, total bankruptcy filings for November decreased 7 percent from the previous month's total of 64,601 filings. Noncommercial filings also fell 7 percent from the previous month's noncommercial filing total of 61,591. November's commercial filing total represented a 1 percent decrease from the October 2017 commercial filing total of 3,010.
The average nationwide per capita bankruptcy filing rate for the first 11 calendar months of 2017 (Jan. 1-Nov. 30) fell slightly to 2.51 (total filings per 1,000 population) from the rate registered during the first 10 months of the year. The average daily filing total in November 2017 was 3,014, a 2 percent increase from the 2,967 total daily filings registered in November 2016. States with the highest per capita filing rates (total filings per 1,000 population) through the first 11 months of 2017 were:
1. Alabama (5.77)
2. Tennessee (5.60)
3. Georgia (4.72)
4. Mississippi (4.20)
5. Utah (4.06)
For further information about the statistics or additional requests, please contact ABI Public Affairs Manager John Hartgen at 703-894-5935 or [email protected]
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 11,000 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.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events.
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.
Tuesday, December 5, 2017