Commercial Chapter 11 filings down 43% over same period last year
NEW YORK – AUG 3, 2021 – Epiq, a global technology-enabled services leader to the legal services industry and corporations, released its July 2021 bankruptcy filing statistics from its AACER bankruptcy information services business. Across all chapters, new filings in July were 32,375, down 6% from 34,277 in June. Commercial filings across all chapters were down 15% over June, with a total of 1,696 across all chapters. In fact, commercial 11 filings are down 43% over the last 7 months with only 2,411 new filings, compared to the first 7 months of 2020 that had 4,254 commercial chapter 11 filings.
“New commercial filings continue to lag as the financial markets continue to offer robust alternatives to restructuring under U.S. bankruptcy code,” commented Brad Tuttle, general manager of Epiq Corporate Restructuring.
July chapter 13 non-commercial filings were 9,080, up 4% over June that had 8,714. This is the third month in a row with gains in the sector. “With eviction moratoriums expiring nationwide, it is conceivable that the expected bankruptcy backlog building over the last 15 months could be starting,” said Chris Kruse, senior vice president of Epiq Bankruptcy. “However, growing COVID-19 infection rates in every U.S. state may spark additional government support, stalling new filings.”
In addition, chapter 7 non-commercial filings were also down 8.4%, with 21,540 filings in July, down from 23,524 in June 2021.
There were 249,314 total new bankruptcy filings across all chapters for the first seven months of 2021, down 27% to 340,986 in the same period in 2020.
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CORRECTION: Previous release stated that commercial 11 filings are down 62% over the last 7 months. This has been updated to 43%.