ALEXANDRIA, Va. (8/15/13)--Total U.S. bankruptcy filings for July decreased 10%, compared with July 2012, according to data provided by Epiq Systems Inc.--a provider of managed technology for the global legal profession--and a partner with the American Bankruptcy Institute (ABI).
"Year-over-year bankruptcy figures continue to drop as consumers and businesses shore up their balance sheets amid sustained low interest rates," said ABI Executive Director Samuel J. Gerdano. "We remain on pace this year for perhaps the lowest total new bankruptcies since before the financial crisis in 2008."
July bankruptcy filings totaled 87,684, down from the 97,287 filings registered in July 2012. Total commercial filings for July were 3,581--a 23% decrease from the 4,681 filings during the same period in 2012. Commercial chapter 11 filings totaled 536 in July, a 24% decline from the 702 filed in July 2012. The 84,103 total noncommercial filings for July were a 9% drop from the July 2012 noncommercial filing total of 92,606.
The July bankruptcy filings did show slight increases from June with total filings up 5% from June's 83,603. Noncommercial filings also rose 5% in July from June's 80,135, and commercial filings gained 3% from the June's 3,468. Commercial chapter 11 filings registered the biggest jump as the July filings increased 8% over the 497 filings in June.
The average nationwide per capita bankruptcy-filing rate for the first seven calendar months of 2013 decreased slightly to 3.49 (total filings per 1,000 per population) from the 3.51 rate for the first six months of the year. The average daily filing total in July was 2,829--a 10% decline from the 3,138 total daily filings in July 2012.
States with the highest per capita filing rate (total filings per 1,000 population) through the first seven months of 2013 were:
1. Tennessee (6.73);
2. Georgia (5.79);
3. Alabama (5.72);
4. Utah (5.39); and
5. Illinois (5.33).