Year-over-year U.S. Bankruptcy Filings Increase for Second Consecutive Month in September 2022
Total Filings Are Up Seven Percent and Commercial Chapter 11 Filings Increase 76 Percent Over Last Year
NEW YORK, Oct. 05, 2022 (GLOBE NEWSWIRE) -- Year-over-year U.S. bankruptcy filings increased seven percent across all chapters for the second consecutive month in September, according to data released today from Epiq's Bankruptcy Analytics platform.There were 33,184 total filings registered in September 2022, up seven percent from last September’s total of 30,922. Commercial Chapter 11 filings also rose, with 437 in September, a 76 percent increase compared to 249 filings in September 2021.
There were 1,994 commercial filings in September 2022, an increase of 16 percent compared to 1,721 in September 2021. The 31,190 individual filings in September also represented a seven percent increase from the September 2021 total of 29,201. Subchapter V small business filings registered the largest percentage increase with 150 filings in September 2022, a 79 percent increase over the 84 filings in September 2021.
“While year-over-year comparisons indicate bankruptcies are trending upward, all chapter year-to-date new filings are nine percent lower than they were at the end of the third quarter last year,” said Gregg Morin, vice president, business development and revenue at Epiq Bankruptcy. “While we anticipate economic pressures will continue to push new filing trends higher overall, we are still seeing mixed results month-over-month by individual chapters and debtor types.”
Although September saw significant year-over-year increases, 2022 year-to-date filings continue to run below 2021 levels. Total U.S. bankruptcy filings decreased nine percent during the first nine months of the year, as the 284,773 filings dropped from 312,647 filings in 2021. The 268,901 total individual filings through the first three quarters of 2022 also represented a nine percent decrease from the individual filing total of 295,166 through the first three quarters of 2021.
Commercial bankruptcy filings during the first nine months of the year dipped nine percent to 15,872 from the 17,481 filings during the same period in 2021. Commercial Chapter 11 filings decreased three percent during the first nine months of 2022 from the same period a year ago, as the 2,831 filings declined from the 2,915 filings in 2021. Conversely, the 1,079 subchapter V filings during the period increased eight percent over the 995 subchapter V filings during the first nine months of 2021.
“The weight of inflation, rising interest rates and concern over supply chain channels continue to have an economic impact on companies and families,” said ABI Executive Director Amy Quackenboss. “Bankruptcy provides distressed households and businesses with the opportunity to rebuild their financial futures.”
ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq Bankruptcy is the leading provider of data, technology, and services for companies operating in the business 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 Epiq Bankruptcy *
Epiq Bankruptcy is a division of Epiq, a global technology-enabled services leader to the legal services industry and corporations that takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. Learn more at https://www.epiqglobal.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 nearly 10,000 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, Director of Communications