Total commercial filings for the first half of 2016 grew 29% to 19,470, compared with 15,071 during the same period in 2015, according to Epiq Systems, Inc., data. Commercial Chapter 11 filings increased 25%, totaling 3,220 filings, the American Bankruptcy Institute (ABI) reported.
Overall, however, bankruptcy filings fell to 398,495, down 6% from the 422,914 total filings during the same period a year ago.
Commercial filings for June equaled 3,294—a 35% increase year-on-year. Commercial Chapter 11 filings rose 36%, going from 366 to 499 year-on-year.
“The average nationwide per capita bankruptcy filing rate for the first six calendar months of 2016 (Jan. 1-June 30) remained at 2.56 (total filings per 1,000 population), and the average total filings per day in June 2016 were 2,210, a 5% decrease from the 2,326 total daily filings in June 2015,” ABI said. States with the highest per capita filing rate (total filings per 1,000 population) through the first six months of 2016 were Tennessee (5.63); Alabama (5.37); Georgia (4.65); Illinois (4.29); and Utah (4.15).
- Diana Mota, associate editor