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AACER: Bankruptcy Filings Climb in October

DS News Sponsored Post [1]Bankruptcy filings jumped month-over-month in October despite a substantial year-over-year decline, according to October 2015 AACER bankruptcy data [2] reported by Epiq Systems [3].

October’s total of 70,211 new bankruptcies in 21 filing days was slightly ahead of September’s total of 67,138 in the same number of filing days. The average number of bankruptcy filings in October totaled 3,343 compared to 3,197 in September.

The 70,211 bankruptcy filings in October represented a year-over-year decline of 8,795 filings from October 2014’s total of 79,006 and a dropoff of 47 percent from the October peak of 133,507 reached in October 2009.

The number of bankruptcy filings year-to-date for the first 10 months of 2015 is 699,829, an average of 69,982 per month and an average of 3,332 per day over 210 filing days.

Click HERE [4] to view the entire report

11-3 Epiq graph [5]

California topped all states for cumulative year-to-date bankruptcy filings with 68,884 for the first 10 months (including 6,650 in October, also tops among states for the month). Illinois was second with 47,749 filings year-to-date as of October 31, 3015, and Florida was a close third with 46,815. Georgia (41,972) and Ohio (31,535) were fourth and fifth, respectively for the most cumulative filings for the first 10 months of the year. The state with the fewest cumulative filings was Alaska with 380 after experiencing just 69 bankruptcy filings in October.

As they have every month in 2015, Tennessee and Alabama once again ranked first and second among states in filings per capita for October with 5.86 and 5.45 filings for every 10,000 people, respectively. Both were slight increases from the 5.81 and 5.41 totals reported for September. October’s national average in bankruptcy filings per capita (2.70) was unchanged from September’s average.

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.