Bankruptcy filings in the U.S. finished an up and down year with a slight month-over-month increase in December, but were down overall year-to-date, according to AACER bankruptcy data reported by Epiq Systems.
The number of bankruptcy filings nationwide crept up from 62,417 in November to 63,090 in December, a 1 percent increase; however, there were four more filing days in December than there were in November (22 compared to 18). The slight increase comes just a month after experiencing a large decline from nearly 79,000 in October. The highest total for any month in 2014 was in March, when 91,280 bankruptcies were filed.
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For the entire year of 2014, there were 910,090 bankruptcies filed in the U.S., which is down from 1.03 million filed for all of 2013 (a decline of 12 percent). That number has been steadily declining since hitting a peak of 1.56 million for 2010, which was at the peak of the foreclosure crisis following the housing market collapse in 2008.
Tennessee led all states in bankruptcy filings per capita in 2014 with 6.10 filings for every 1,000 people. The state with the second most was Alabama (5.28 for every 1,000) and third was Georgia (5.24 for every 1,000). The national average for the entire year of 2014 was 2.93 filings for every 1,000.
The state with the most total bankruptcy filings for 2014 was California, with 99,689. Still, the Golden State was below the national average in bankruptcy filings per capita at 2.7 for every 1,000, the 27th highest total among states.
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.