August 2021 New Bankruptcy Filings Level Flat
Open Bankruptcy Cases Down 20.6% since April 2020
NEW YORK – September 7, 2021 – Epiq, a global technology-enabled services leader to the legal services industry and corporations, released its August 2021 bankruptcy filing statistics from its AACER bankruptcy information services business. Overall, August was flat with 32,225 new filings across all chapters, down slightly from July 2021 with 32,391. Total commercial filings, across all chapters, was up 1% over July 2021 with 1,724 new cases.
The overall bankruptcy market volume has dropped over 20% since the beginning of the global COVID-19 pandemic. The number of open cases in the U.S. Federal Bankruptcy Courts dropped to 786,059 in August, down from 989,214 in mid-April 2020.
“The programs put in place by the government to bolster personal cash flow and keep people in their homes during the pandemic has had a positive impact on businesses and consumers who would typically file for bankruptcy,” said Todd Madsen, senior director of Epiq Bankruptcy Analytics. “Conversely, the business of bankruptcy that includes lawyers, judges, trustees and administrative agents is suffering from a historic slow period. These businesses are not immune from pandemic market dynamics.”
So far this year, there have been 291,863 new cases filed across all chapters, down from the same period last year that had 396,113 new filings, a 26.3% decline.
About Epiq AACER
Epiq AACER is your partner for bankruptcy information and compliance. Our AACER bankruptcy information services platform is built with superior data, technology, and expertise to create insight and mitigate risk for businesses impacted by bankruptcies. We offer free bankruptcy statistics and monthly email updates for both commercial and non-commercial consumer bankruptcy filings for Chapter 7, Chapter 11, and Chapter 13 cases. You may register for these free resources on our Bankruptcy Statistics and Trends page.
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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