November 2021 New Bankruptcy Filings Decline
New filings continue overall downward trend
NEW YORK – DECEMBER 3, 2021 – Epiq, a global technology-enabled services leader to the legal services industry and corporations, released its November 2021 bankruptcy filing statistics from its AACER bankruptcy information services business. Overall, November new filings were down with 29,325 across all chapters, down 5.6% from October 2021 which had 31,053 new filings. Total commercial filings across all chapters were 1,563, down 10.3% over October 2021, which had 1,743 new filings.
For 2021 through November, the total number of new bankruptcy filings across all chapters was 373,474, down 24.7% over the same period last year which had 496,044. This downward trend continues as the COVID-19 global pandemic continues to affect bankruptcy activity.
Chapter 7 individual bankruptcies had 17,378 new filings in November, down 6.6% over October 2021, which had 18,608 new filings. Chapter 13 individual bankruptcies had 10,336 new filings, down 2.9% over the prior month that had 10,642. This is the first month in the last 6 consecutive months where new Chapter 13 filings decreased. However, as November has only 30 calendar days along with the shortened U.S. Thanksgiving holiday week, it slightly impacts month-over-month new filing comparison metrics.
Chapter 11 commercial filings, including Sub Chapter V, had 195 new filings in November, down 29.1% over the prior month that had 275 new filings. Of these, 73 were Sub Chapter V, down from 85 the prior month.
“November new bankruptcy filing activity continued the downward trend since the COVID-19 global pandemic manifested in the U.S. in March 2020. While it was a shorter month, the fact remains that new filing levels are considerably less than the pre-COVID-19 levels,” said Chris Kruse, senior vice president of Epiq Bankruptcy Technology.
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Epiq, a global technology-enabled services leader to the legal services industry and corporations, takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. Learn more at https://www.epiqglobal.com.
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