Total bankruptcy filings in the U.S. for November 2014 decreased 16 percent compared to the previous year, according to data provided by Epiq Systems, Inc. November bankruptcy filings totaled 62,403, down from the 74,070 filings registered in November 2013.
Total commercial filings for November 2014 were 2,248, representing a 27 percent decrease from the 3,085 filings reported during the same period in 2013. Commercial chapter 11 filings totaled 296 in November, a 39 percent decrease from the 487 filed in November 2013. The 60,155 total noncommercial filings for November represented a 15 percent drop from the November 2013 noncommercial filing total of 70,985.
“Bankruptcies will continue to recede amidst tepid consumer spending, sustained low interest rates and high costs to file for both consumers and businesses,” said ABI Executive Director Samuel J. Gerdano. “We are on pace this year for bankruptcies to be well under 1 million filings, the lowest total since 2007.”
November bankruptcy filings also decreased from October. Total filings were down 21 percent from October’s total of 78,977. Noncommercial filings also decreased 21 percent in November from the October total of 76,122, and commercial filings also dropped 21 percent from the October total of 2,855. November commercial chapter 11 filings registered a 24 percent decrease from the 387 filings in October.
The average nationwide per capita bankruptcy filing rate for the first 11 calendar months of 2014 (Jan. 1-Nov. 30) decreased slightly to 2.97 (total filings per 1,000 per population) from the 3.03 rate reported for the first 10 months of the year. The average daily filing total in November 2014 was 2,013, a 16 percent decrease from the 2,389 total daily filings reported in November 2013. States with the highest per capita filing rate (total filings per 1,000 population) through the first 11 months of 2014 were:
- Tennessee (6.22)
- Alabama (5.34)
- Georgia (5.30)
- Utah (4.93)
- Illinois (4.72)
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.