Total bankruptcy filings in the United States for May 2012 decreased 11% compared to the previous year, according to data provided by Epiq Systems, Inc. May bankruptcy filings totaled 109,392, down from the 122,836 filings registered in May 2011.
Total commercial filings for May 2012 were 5,259, representing a 21% decrease from the 6,631 filings during the same period in 2011.
The 104,133 total noncommercial filings for May represented a 10% drop from the May 2011 noncommercial filing total of 116,205.
“Households have reduced their spending and businesses are benefiting from sustained low interest rates,” said ABI Executive Director Samuel J. Gerdano. “Expect a continued drop in bankruptcy filing rates as families and businesses reinforce their balance sheets and cut costs.”
Total commercial chapter 11 filings also decreased in May. Overall, the May total commercial chapter 11 filing total of 682 represented a 6% decrease from May 2011’s total of 722, but a 3% increase over the April 2012 total of 660.
May bankruptcy filings also represented slight increases over April as total filings were up 0.4% from the April total of 108,908.
Commercial filings increased 2% in May from the April total of 5,170, and noncommercial filings increased 0.4 percent from the April total of 103,738.
The average nationwide per capita bankruptcy-filing rate for the first five calendar months of 2012 (Jan. 1-May 31) increased to 4.13 (total filings per 1,000 per population) from the 4.10 rate for the first four months of the year, and the average total filings per day in May 2012 was 3,529, an 11% decrease from the 3,962 total daily filings in May 2011.
States with the highest per capita filing rate (total filings per 1,000 population) through the first five months of 2012 were:
- Nevada (7.17)
- Tennessee (7.01)
- Georgia (6.45)
- Utah (6.13)
- Alabama (5.87)
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.
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.