Bankruptcy filings increase in all chapters in August 2022


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NEW YORK, Sept. 01, 2022 (GLOBE NEWSWIRE) — August 2022 bankruptcy filings across all chapters totaled 35,355, a 10% increase from the August 2021 total of 32,276, according to a new study published today on Epiq’s bankruptcy analysis platform.

Overall commercial deposits increased 6% in August 2022, with 1,861 deposits up from 1,753 commercial deposits recorded in August 2021. Individual deposits increased 10% to 33,494 in August 2022 compared to 30,523 filed in August 2021.

The total number of deposits, commercial and individual, shows a 15% increase month-on-month compared to the July 2021 total of 30,854 deposits. August commercial deposits represent a 16% increase compared to July’s total of 1,607 business filings, while August individual filings represent a 15% increase from July’s total of 29,247 individual filings.

Notably, for the first time in months, all chapters saw a month-over-month increase. Chapter 11 filings increased by 81%, totaling 466 filings in August 2022, compared to 257 recorded in July. Chapter 13 filings rose 15% to 14,981 filings from 12,992 in July. Chapter 7 filings rose 13% to 19,884 from 17,593 last month.

“The new bankruptcy filings in August clearly show market momentum,” said Chris Kruse, senior vice president at Epiq Bankruptcy. “New Chapter 13 filings continue the recent trend of month-over-month growth, and for the first time since March, we are also seeing an increase in new Chapter 7 filings in August. We expect this trend to continue as the US emerges from the summer and heads into the fourth quarter. »

From a Chapter 11 business perspective, filings continue to rise. August Chapter 11 filings, totaling 466, were up 81% from 257 in July 2022. Filings were up 91% from 212 filings in July 2022. Total commercial filings increased represented a 16% increase from the July 2022 total commercial filings of 1,607. Sub-Chapter V elections within Chapter 11 were up 42% from the 85 filed in July 2022.

“Financially distressed households and businesses are experiencing rising debt amid rising interest rates, inflation and supply chain issues,” said Amy Quackenboss, ABI’s chief executive. . “Although still at historic lows, August’s increase in bankruptcy filings indicates that more families and businesses are looking for an avenue to ease growing financial hardship.”

ABI has partnered with Epiq Bankruptcy to provide the most recent 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 Epiq’s 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 business operations administration, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy cases. Epiq’s subject matter 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

press contactCarrie TrentEpiq, Director of Communications[email protected]

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Source: Epiq

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