ALEXANDRIA, Va. (7/10/13)--Total U.S. bankruptcy filings reached 544,390 nationwide during the first half of 2013, a 14% decrease from the 632,541 filed during the same period a year ago, according to data provided by Epiq Systems Inc. to the American Bankruptcy Institute (ABI).
"Today's figures confirm a new normal of reduced bankruptcies, as consumers and businesses continue to deleverage in a sustained low-interest-rate environment," said ABI Executive Director Samuel J. Gerdano. "We expect the trend to continue through the end of 2013."
The 520,919 total noncommercial filings in first half 2013 represented a 13% drop from the noncommercial filings totaling 601,453 for the first half of 2012.
Total commercial filings were 23,471--a 25% decrease from 31,088 filed during the same period in 2012. Commercial Chapter 11 filings also fell to 3,445 filings, a 16% decrease from the 4,120 Chapter 11s in the first six months of 2012.
The 83,580 total bankruptcy filings in June were a 16% decrease from 99,162 filings in June 2012. The 80,122 total noncommercial filings for June constituted a 15% drop from June 2012's total of 94,485. Commercial filings for June 2013 totaled 3,458, a 26% decrease from the 4,677 filings for that period in 2012. Commercial Chapter 11 filings registered a 9% drop, to 547 filings from 496 in June 2013.
The average nationwide per capita bankruptcy filing rate for the first six months of 2013 decreased slightly to 3.51 total filings per 1,000 population, from a 3.57 rate for the first five months. Average total filings per day in June were 2,786, a 16% decrease from the 3,305 total daily filings in June 2012.
States with the highest per capita filing rate (total filings per 1,000 population) through the first six months of 2013 were:
Illinois (5.40); and