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Cumulative year-to-date bankruptcy filings in the U.S. through the end of October are down by 12 percent since the same period in 2013, according to AACER bankruptcy data reported by Epiq Systems.
Bankruptcy filings nationwide totaled 784,501 for the first 10 months of 2014 compared to 1.03 million for the first 10 months of 2013. Year-to-date bankruptcy filings have experienced double digit year-over-year declines every October since hitting their peak of 1.56 million in 2010.
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Two-thirds of all bankruptcy filings in the U.S. year-to-date through the end of October, or approximately 520,000, were of the Chapter 7 variety. The remaining one-third, about 258,000, were Chapter 13.
The total number of bankruptcy filings in the U.S. for October 2014 was 78,957, a year-over-year decline of 11,027.
Epiq Systems is a leading global provider of technology-enabled solutions for electronic discovery, bankruptcy and class action administration. Top legal professionals depend on us for deep subject-matter expertise and years of firsthand experience working on many of the largest, most high-profile and complex client engagements. Epiq Systems, Inc. has locations in the United States, Europe and Asia.
