NEW YORK, July 08 8, 2022 (GLOBE NEWSWIRE) — The 447 commercial Chapter 11 filings in June represented a 29% increase from 347 filings in June 2021, according to data provided by Epiq Bankruptcy, the leading filing data provider. balance sheet in the United States. . Overall, commercial filings decreased by 7% in June 2022, with 1,864 filings down from 1,999 commercial filings in June 2021. 98 in June 2022. Total bankruptcy filings were 32,175 in June 2022, a decrease of 6% compared to the June 2021 total of 34,291. Non-commercial bankruptcy filings totaled 30,311 in June 2022, also registering a decrease of 6% compared to the non-commercial total of June 2021 of 32,292.
The total number of bankruptcy filings was 185,303 in the first six months of 2022, down 15% from the 217,047 total filings in the same period a year ago. Total consumer filings also saw a 15% decline, with 175,112 filings in the first half of 2022 down from 204,679 filings in the first six months of 2021. The 10,191 commercial filings in total for the first half of 2022 represented a decrease of 17%. compared to total commercial filings of 12,278 for the first half of 2021. The 1,765 commercial filings for Chapter 11 in the first six months of the year (January 1 to June 30) represent a decrease of 18% compared to 2,155 total filings during the same period. period in 2021, according to data provided by Epiq Bankruptcy Analytics.
“Year-over-year filings continue to decline, but month-over-month we’re seeing growth in Chapter 13 filings which, coupled with growth in company Chapter 11s, tells a different story,” says Chris Kruse, senior vice president. President of Epiq. “Market turmoil, including inflation concerns, labor shortages in key industries and a drop in property prices, all point to increases in the months ahead.”
“Tightening credit markets amid rising interest rates, rising prices due to inflation and global supply issues present financially challenged families and businesses with additional economic dilemmas,” said Amy Quackenboss, executive director of ABI. “Bankruptcy provides a shield to the growing economic challenges faced by financially distressed consumers and businesses.”
The total number of filings in the first half of 2022 indicates a pace for the entire year that could be the lowest since the 348,521 bankruptcies recorded by the US Courts Administrative Office in calendar year 1984. Will total deposits, businesses and consumers stay at this level? rhythm for the second half?
In partnership with Epiq, a key abiLIVE webinar on July 12 will feature experts who will examine filing trends through June 30 and offer their thoughts on what could happen with bankruptcies in the future. Speakers on the program include ABI President, Hon. Kevin Carey (retired) of Hogan Lovells (Philadelphia), Deirdre O’Connor of Epiq (New York), and Ed Flynn of ABI (Alexandria, Va.). Christopher Kruse of Epiq (San Francisco) will serve as moderator for the program. Click here for your free registration.
ABI has partnered with Epiq Bankruptcy to provide the most up-to-date data on bankruptcy filings to analysts, researchers and members of the media. Epiq Bankruptcy is the leading provider of data, technology and services for companies operating in the field of bankruptcy. Its new Bankruptcy Analytics subscription service provides on-demand access to the industry’s most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics.
About the Epiq bankruptcy
Epiq Bankruptcy is a division of Epiq, a global leader in technology services for the legal services industry and businesses that takes on large-scale and increasingly complex tasks for corporate counsel, law firms and business professionals with efficiency, clarity and confidence. Clients rely on Epiq to streamline administration of business operations, class action and mass torts, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq’s experts and technologies create efficiencies through their expertise and instill confidence in top-performing customers around the world. Learn more at https://www.epiqglobal.com.
About the ABI
ABI is the largest multidisciplinary, nonpartisan organization dedicated to research and education on insolvency issues. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. ABI members include nearly 10,000 lawyers, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For more information about ABI, visit www.abi.org. For more information on the conference, visit http://www.abi.org/calendar-of-events
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