February Bankruptcy Filings Decrease 12 Percent from Previous Year Commercial Filings Fall 24 Percent

Total bankruptcy filings in the United States decreased 12 percent in February over the same period last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 72,193 in February 2014, down 12 percent from the February 2013 total of 82,336. Consumer filings declined 12 percent to 69,380 from the February 2013 consumer filing total of 78,614. Total commercial filings in February 2014 decreased to 2,813, representing a 24 percent decline from the 3,722 business filings recorded in February 2013. Total commercial chapter 11 filings also decreased 27 percent, to 452 filings in February from the 619 commercial chapter 11 filings recorded in February 2013. “Low interest rates, tighter lending standards and high costs to file continue to be reflected in fewer bankruptcy filings,” said ABI Executive Director Samuel J. Gerdano. “As these trends persist, expect bankruptcy filings to continue to decline in 2014.”
While bankruptcies were down from a year ago, February’s bankruptcy filings trended upward from January. Total bankruptcy filings for the month of February represented a 6 percent increase over the 68,187 total filings registered in January 2014. To read the full statistical release, please click here:
http://news.abi.org/press-releases/february-bankruptcy-filings-decrease…