Nationwide bankruptcy filings were 7 percent lower in November 2016 compared with a year earlier, falling even lower than last month’s reported decrease, according to November 2016 AACER bankruptcy data reported by Epiq Systems.
Bankruptcy filings totaled 59,300 in November, which was a decrease from October’s total of 63,055, and a decline from November 2015’s total of 65,562 (a decrease of 6,262). Year-to-date, there have been 715,460 bankruptcy filings nationwide for the past eleven months of 2016 (about 65,042 per month), down from 2015’s year-to-date total through the end of November of 765,583 (about 69,598 per month).
The average number of filings per day in November 2016 was 2,965 over 20 days, which is an increase from October’s daily average of 3,153 over 20 days. November experienced 188 fewer filings than in the month prior. Bankruptcy filings have averaged 3,111 for the past eleven months of 2016 over a period of 230 filing days.
November’s total of 59,300 bankruptcy filings was less than half of the peak total of 135,771 recorded in September of 2010.
The state with the most cumulative filings for the past nine months of 2016 was again California with 66,669. As has been the trend, Illinois was second in year-to-date filings with 48,956. The next three states with the most cumulative filings were Georgia (42,726) Florida (40,726), and Ohio (33,648).
Tennessee and Alabama continued to rank first and second among states in bankruptcy filings per capita for November with 5.65 and 5.52 for every 10,000 people, respectively. Those numbers were virtually the same as October’s numbers. The national average of filings per capita in November 2016 decreased slightly over-the-month at 2.51, though it has increased by about 50 basis points since January 2016’s average of 2.02 percent.
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.