Bankruptcy filings nationwide reversed their course in April after increasing over-the-month in both February and March, totaling 70,457 for April—a decline of nearly 8,000 from March (about 10 percent), according to April 2016 AACER bankruptcy data reported by Epiq Systems.
After totaling 52,552 in January, bankruptcy filings spiked by 23 percent in February and another 21 percent in March up to 78,332 before April's decline of 10 percent. April's total of 70,457 filings is also approximately a 10 percent decline year-over-year (from April 2015's total of 77,949).
There have been 266,050 bankruptcy filings nationwide in the first four months of 2016, a decline of about 6 percent over-the-year from April 2015's year-to-date total of 283,587. The total number of filings for the first four months of 2014 was 320,002.
April 2016's average number of flings per day was a slight decline from March (3,355 compared to 3,406) but there were two fewer filing days in April than there were in March (21 compared to 23). Year-to-date in 2016 as of the end of April, bankruptcy filings have averaged 3,205 per day over a period of 83 filing days.
Click HERE to view the entire report
California was the state with the most filings for the first four months of 2016 with 24,550. Illinois was second with 19,148, followed by Florida (15,579). Georgia was fourth (15,131), and Ohio was fifth with 12,529.
Tennessee and Alabama continued to rank first and second among states in bankruptcy filings per capita for April with 5.66 and 5.39 for every 10,000 people, respectively. Those numbers represented slight declines from March's total of 5.70 and 5.45, respectively. The national average of filings per capita in April 2016 increased slightly over-the-month from 2.51 to 2.56. The national average is up by more than a half a percentage point since January (2.02).
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.