Total commercial chapter 11 filings in February 2020 decreased 20 percent over the same period last year, according to data provided by Epiq Systems, Inc. The 547 commercial chapter 11 filings in February 2020 were down from the 685 commercial chapter 11 filings in February 2019. Total commercial filings were 3,084 in February 2020, representing a 4 percent decrease from the 3,203 business filings recorded in February 2019. Total bankruptcy filings upticked 0.1 percent to 56,182 in February 2020 from the 56,144 filed in February 2019. Consumer filings increased 0.3 percent in February 2020 to 53,098 from the February 2019 consumer filing total of 52,941. “As businesses close and the supply chain endures disruptions due to the COVID-19 coronavirus, bankruptcy provides distressed businesses and consumers the financial shelter they need in these challenging times,” said ABI Executive Director Amy Quackenboss. “While the statistics might not show the immediate effects, we expect filings to increase as a result of the financial impact of the COVID-19 pandemic.”
