Total U.S. bankruptcy filings decreased just 1 percent in February from the same period last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 64,662 in February 2016, down slightly from the February 2015 total of 65,064. Consumer filings declined 2 percent in February 2016 to 61,662 from the February 2015 consumer filing total of 62,784. However, total commercial filings in February 2016 jumped to 3,000, representing a 32 percent increase from the 2,280 business filings recorded in February 2015. The 476 total commercial chapter 11 filings in February 2016 represented an increase of 31 percent from February 2015’s total of 364. “February showed that decreases in total filings are starting to level off, and more businesses are turning to the financial relief of bankruptcy," said ABI Executive Director Samuel J. Gerdano. “As the last major overhaul of chapter 11 took place in 1978, the recommendations of ABI's Chapter 11 Reform Commission provide an updated roadmap for struggling businesses and courts trying to navigate today’s complex financial terrain.”
