Total bankruptcy filings during calendar year 2020 (Jan. 1-Dec. 31) decreased 30 percent from 2019 as the government and lenders offered stabilization measures in response to the economic challenges resulting from the COVID-19 pandemic. According to data provided by Epiq, total filings fell from 757,634 in 2019 to 529,071 filings during calendar year 2020. Annual bankruptcy filings last registered a similar total in 1986, with 530,438 total filings, and the 30 percent drop from 2019-20 is the second-largest percentage decrease since the 70 percent drop in filings recorded in 2005-06. That decrease was the result of the implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which prompted total bankruptcies to rise to 2,078,415 ahead of its enactment then fall to 617,660 total filings in 2006. Total consumer filings were 496,565 nationwide for calendar year 2020 (Jan. 1-Dec. 31), 31 percent fewer than the 718,584 total filings during 2019. The 2020 consumer filing total is the lowest since the 495,553 filings registered in 1987. Chapter 13 filings decreased 46 percent, as the 152,828 chapter 13s in 2020 were down from the 282,712 filings in 2019. Commercial filings also declined, as the 32,506 business filings in calendar year 2020 represented a 17 percent drop from the 39,050 recorded in calendar year 2019. Commercial chapter 11 filings, however, increased 29 percent during calendar year 2020 as the total of 7,128 climbed past the 5,519 recorded during calendar year 2019. The 2020 commercial chapter 11 filing total was the highest total since the 7,789 filings registered in 2012.
