Small Business Subchapter V Elections Increase by 23%

NEW YORK — Dec. 4, 2025 — There were 825 commercial Chapter 11 filings in November 2025, an increase of twenty percent from the 687 filings registered in November 2024, according to data provided by Epiq AACER, the leading provider of US bankruptcy filing data. The rise in overall commercial Chapter 11 filings was primarily driven by related filings from larger corporate parent companies.

Small business filings, captured as subchapter V elections within Chapter 11, amount to 223 in November 2025, representing an increase of twenty-three percent from the 182 filings in November 2024. Overall commercial filings increased eight percent to 2687 in November 2025, up from the 2491 commercial filings registered in November 2024. 

“November commercial Chapter 11 filings rose twenty percent year-over-year, with Subchapter V elections up twenty-three percent, signaling ongoing financial stress and a return toward pre-COVID levels as CARES Act benefits fade,” said Michael Hunter, Vice President of Epiq AACER. “Overall bankruptcy filings increased eight percent, while credit card charge-offs remain at historically high levels, though signs of stabilization are emerging.”

“FHA partial claim recidivism is also expected to exert additional pressure on individual filings through 2026. These trends suggest bankruptcy volumes will continue rising next year as households and businesses contend with growing balances, tighter credit conditions amid higher interest rates, and pockets of mortgage distress.”

Total bankruptcy filings were 43,661 in November 2025, an eight percent increase from the November 2024 total of 40,305. Individual bankruptcy filings also increased eight percent to 40,973 in November 2025 from 37,814 filings in November 2024. There were 25,329 individual Chapter 7 filings in November 2025, an eleven percent increase over the 22,871 filings recorded in November 2024. There were 15,558 individual Chapter 13 filings in November 2025, a five percent increase over the 14,865 filings in November the previous year.

“Rising costs, tighter credit conditions, and ongoing geopolitical volatility continue to exert pressure on households and businesses already facing financial strain,” said Amy Quackenboss, Executive Director of ABI. “For debt-burdened families and companies, bankruptcy remains a critical pathway to restore stability and rebuild toward a stronger financial future.”

Most categories of bankruptcy filings typically drop from October to November due to fewer business days and the Thanksgiving holiday in November. Total and consumer bankruptcies both decreased eighteen percent when compared to their respective October filing totals of 53,027 and 50,183. Individual Chapter 7 and Chapter 13 filings also decreased eighteen percent each from October’s filings. Overall, commercial filings decreased six percent from the 2844 filings registered in October, and subchapter V elections within Chapter 11 decreased eleven percent from the 250 filed in October 2025. The large number of related filings pushed commercial Chapter 11s to a thirty percent increase over October’s 634 filings.

Epiq AACER is a division of Epiq and is the leading provider of data, technology, and services for companies operating in the bankruptcy industry. The Bankruptcy Analytics subscription service provides on-demand access to the industry’s most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com.

About Epiq 
Epiq, a technology and services leader, takes on large-scale and complex tasks for corporations, law firms, and the courts by integrating people, process, technology, and data intelligence. Clients rely on Epiq to streamline legal, compliance, settlement, and business administration workflows to drive efficiency, minimize risk, and improve cost savings. With a presence in 17 countries, our values define who we are and how we partner with clients and communities. Learn how Epiq and its 6,100 people worldwide create meaningful change at www.epiqglobal.com.  

About ABI 
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events.


Press Contacts
John Lute
Senior Director, Marketing, Epiq
John.Lute@epiqglobal.com
 
John Hartgen 
ABI, Public Affairs Officer
jhartgen@abi.org