Year-over-year U.S. bankruptcy filings rise for second time
NEW YORK, Oct. 05, 2022 (GLOBE NEWSWIRE) — Year-over-year U.S. bankruptcy filings rose 7% across all chapters for the second consecutive month in September, data shows. released today by Epiq’s Bankruptcy Analytics Platform.
A total of 33,184 filings were recorded in September 2022, up 7% from last September’s total of 30,922. Commercial Chapter 11 filings also increased, with 437 in September, a 76% increase from 249 filings in September 2021.
There were 1,994 commercial filings in September 2022, an increase of 16% from 1,721 in September 2021. The 31,190 individual filings in September also represented a 7% increase over the September 2021 total of 29,201. Subchapter V small business filings saw the largest percentage increase with 150 filings in September 2022, a 79% increase from 84 filings in September 2021.
“While year-over-year comparisons indicate that bankruptcies are trending higher, all new filings year-to-date are 9% lower than they were at the end of the third quarter. last year,” said Gregg Morin, Vice President, Business Development. and revenue from Epiq Bankruptcy. “While we expect economic pressures to continue to push new filing trends higher overall, we are still seeing mixed month-over-month results by individual chapters and obligor types.”
Although September saw significant year-over-year increases, 2022 year-to-date filings continue to be below 2021 levels. Total U.S. bankruptcy filings declined by 9% during the first nine months of the year, the 284,773 filings increasing from 312,647 filings in 2021. by 295,166 during the first three quarters of 2021.
Commercial bankruptcy filings in the first nine months of the year fell 9% to 15,872 from 17,481 filings in the same period in 2021. Commercial Chapter 11 filings fell 3 % in the first nine months of 2022 compared to the same period a year ago, as the 2,831 filings decreased from 2,915 filings in 2021. Conversely, the 1,079 subchapter filings V over the period increased 8% from the 995 Subchapter V filings in the first nine months of 2021.
“The weight of inflation, rising interest rates and concerns about supply chain channels continue to have an economic impact on businesses and families,” said Amy Quackenboss, executive director of ‘ABI. “Bankruptcy offers struggling households and businesses the opportunity to rebuild their financial future.”
ABI has partnered with Epiq Bankruptcy to provide the most recent data on bankruptcy filings to analysts, researchers and members of the media. Epiq Bankruptcy is the leading provider of data, technology and services for companies operating in the field of bankruptcy. Its new Bankruptcy Analytics subscription service provides on-demand access to the industry’s most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics.
About the Epiq bankruptcy
Epiq Bankruptcy is a division of Epiq, a global leader in technology services for the legal services industry and businesses that takes on large-scale and increasingly complex tasks for corporate counsel, law firms and business professionals with efficiency, clarity and confidence. Clients rely on Epiq to streamline administration of business operations, class action and mass torts, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy cases. Epiq’s subject matter experts and technologies create efficiencies through their expertise and instill confidence in top-performing customers around the world. Learn more at https://www.epiqglobal.com.
About the ABI
ABI is the largest multidisciplinary, nonpartisan organization dedicated to research and education on insolvency issues. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. ABI members include nearly 10,000 lawyers, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For more information about ABI, visit www.abi.org. For more information on the conference, visit http://www.abi.org/calendar-of-events
Epiq, Communications Director