Commercial Chapter 11s Increase 48 Percent over Last Year
Monday, June 8, 2020
Total commercial chapter 11 filings in May 2020 increased 48 percent from the previous year, according to data provided by Epiq and American Bankruptcy Institute. Commercial chapter 11 filings totaled 722 in May 2020, elevated from the May 2019 total of 487. Conversely, total commercial filings decreased 28 percent in May 2020, as the 2,578 filings were down from the 3,558 commercial filings registered in May 2019.
The 39,969 total bankruptcy filings in May 2020 were down 42 percent from the 68,860 total filings in May 2019. Total consumer filings decreased 43 percent in May 2020, as the 37,391 filings fell from the 65,302 consumer filings registered in May 2019.
May’s commercial chapter 11 filings represented a 29 percent increase from the 562 filings in April 2020. Total commercial filings were up 12 percent over the April 2020 commercial filing total of 2,293. Total bankruptcy filings in May represented a 4 percent increase over the 38,444 total filings recorded the previous month. Total noncommercial filings for May represented a 3 percent increase from the April 2020 noncommercial filing total of 36,151.
The average nationwide per capita bankruptcy filing rate in May was 1.98 (total filings per 1,000 per population), a decrease from the 2.09 filing rate during the first four months of the year. Average total filings per day in May 2020 were 1,998, a 36 percent decrease from the 3,130 total daily filings in May 2019.