Bankruptcy Filings Drop in February
3/9/2017 5:30:00 PM
The decline last month counters recent year-over-year increases tracked by the American Bankruptcy Institute.
Total U.S. bankruptcy filings approached 60,000 in February, but declined 10 percent from February 2016, according to a news release from the American Bankruptcy Institute and data provided by Epiq Systems Inc.
There were 58,336 bankruptcy filings in February 2017, compared to 64,712 in February 2016—a 10 percent decline, according to the news release.
Consumers’ bankruptcy filings also declined 10 percent from 61,651 in February 2016 to 55,539 in February this year.
The total commercial filings declined 9 percent to 2,797 last month. There were 3,061 total commercial filings in February 2016.
“After consecutive year-over-year monthly increases, the February totals reveal the prevailing trend of fewer bankruptcy filings,” said ABI Executive Director Samuel J. Gerdano. “More financially distressed consumers and businesses may reach for the lifeline of bankruptcy as interest rates increase.”
The total bankruptcy filings in February increased 6 percent from 55,237 in January 2017, according to the news release.
“The average nationwide per capita bankruptcy-filing rate in February 2017 was 2.19 (total filings per 1,000 per population), a slight increase from January 2017’s rate of 2.13,” it states
There were 3,070 average total filings per day in February were 3,070, a 5 percent decrease from the 3,236 total daily filings recorded in February 2016.
States with the highest per capita filing rate (total filings per 1,000 population) in February 2017 were: Alabama (5.42); Tennessee (5.23); Georgia (4.41); Mississippi (3.64) and Illinois (3.62).
Follow ACA on Twitter @ACAIntl and @acacollector or Facebook for news and event updates. ACA’s LinkedIn Group includes news updates, member discussions, event promotions, jobs and more. Visit the group page and request to join today.