Total commercial filings during the first six months of the year (Jan. 1-June 30) increased 29 percent to 19,470 over the 15,071 total commercial filings during the same period in 2015, according to data provided by Epiq Systems, Inc. Commercial chapter 11 filings also climbed during the first half of 2016 as the 3,220 filings represented a 25 percent increase over the 2,575 commercial chapter 11 filings during the first six months of 2015. Total bankruptcy filings, however, fell to 398,495 during the first six months of 2016, representing a 6 percent decrease from the 422,914 total filings during the same period a year ago. The 379,025 total noncommercial filings for the first half of 2016 represented a 7 percent drop from the noncommercial filing total of 407,843 for the first half of 2015. “As economic challenges continue to weigh on the balance sheets of struggling companies, especially those in energy and retail, more businesses are seeking the financial fresh start of bankruptcy,” said ABI Executive Director Samuel J. Gerdano. “Commercial bankruptcy filings for 2016 will likely total close to 40,000.” Read ABI’s press release.
