There were 631 commercial chapter 11 filings registered in October 2023, an increase of 106 percent from the 306 filings registered in October 2022, according to data provided by Epiq Bankruptcy, the leading provider of U.S. bankruptcy filing data. Overall commercial filings increased 14 percent to 2,188 in October 2023, up from the 1,916 commercial filings registered in October 2022. Small business filings, captured as subchapter V elections within chapter 11, increased 47 percent to 176 in October 2023, up from 120 in August 2022. Total bankruptcy filings were 40,628 in October 2023, a 24 percent increase from the October 2022 total of 32,707. Individual bankruptcy filings totaled 38,440 in October 2023, registering a 25 percent increase from the October 2022 30,791 filing total. There were 22,473 individual chapter 7 filings in October 2023, a 31 percent increase over the 17,125 filings recorded in October 2022, and there were 15,901 individual chapter 13 filings in October 2023, a 17 percent increase over the 13,618 filings in October the previous year. “Increased prices for goods and services, along with higher borrowing costs, add to the economic challenges faced by distressed families and businesses,” said ABI Executive Director Amy Quackenboss. “Bankruptcy provides a proven process for struggling consumers and companies to alleviate their intensifying debt loads and a chance for a financial fresh start.”
