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U.S. Bankruptcies Plunge

Non-commercial filings down 13% between May and June

July 5, 2013

By Mortgage Daily staff

While bankruptcy filings had already been trending lower, new activity at U.S. bankruptcy courts plummeted last month for both consumers and businesses.

There were 83,580 new bankruptcy filings during June. The month's total bankruptcy filings included commercial and non-commercial activity.

Filings sank from a month earlier, when the total was 96,430, and from a year earlier, when 99,162 bankruptcies were filed.

The monthly statistics were reported by the American Bankruptcy Institute based on data supplied by Epiq Systems Inc.

ABI's more than 13,000 members include lenders and bankers, lawyers and judges, and other bankruptcy professionals.

"Today's figures confirm a new normal of reduced bankruptcies, as consumers and businesses continue to de-leverage in a sustained low-interest-rate environment," ABI Executive Director Samuel J. Gerdano stated in the report. "We expect the trend to continue through the end of 2013."

The report indicated that per capita bankruptcy filing rate was 3.51 filings per 1,000 in population during the first six months of 2013, off from a rate of 3.57 in the first five months.

Tennessee's per capita rate of 6.69 was the highest of any state.

No. 2 Georgia had a 5.83 per capita rate, followed by 5.69 in Alabama, 5.40 in Illinois and 5.38 in Nevada.

Zeroing in on just consumer filings, there were 80,122 non-commercial filings last month.

Non-commercial filings also showed a big improvement from May, when 92,413 consumers went bankrupt.

The improvement was even more significant compared to June 2012, when a revised 94,485 consumers sought bankruptcy protection.

During the first half of this year, 520,919 total noncommercial filings were made.

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