August Bankruptcy Filings Increase Slightly

Total U.S. bankruptcy filings in August increased 7% from July according to Epiq Systems, Inc.'s data.  There were 104,336 bankruptcy filings in August, up from 97,104 in July.  Non-commercial bankruptcy filings also increased 7% from 92,562 in July to 99,417 in August.

August commercial filings totaled 4,919, which was an 8% increase from the 4,542 commercial filings in July.  Commercial Chapter 11 filings also increased 8% from 600 in July to 648 in August.

Even with the August increase, we are still on pace for the lowest total new bankruptcies in a year since the 2008 financial crisis.  The total August bankruptcy filings are a 14% decrease from the 120,905 filings in August of 2011.  Commercial filings this August represented a 24% decrease from the 6,434 commercial filings during August of 2011.

The August commercial Chapter 11 filings were a 9% decrease from the 710 filed during the same period last year.  Finally, the total non-commercial filings for this August were a 13% drop from the August 2011 total of 114,471 non-commercial filings.

The average nationwide per capita bankruptcy filing rate was 4.04 (total filings per 1,000 people) for January 1 through August 31 of this year.  This was unchanged from the first seven months of this year.  In August 2012 the average total filings per day was 3,366, which is a 14% decrease from the 3,900 total daily filings last August.

In 2011 1.46 million individuals and 36,000 businesses filed for bankruptcy, according to the American Bankruptcy Institute.  These levels are historically high, but individual bankruptcy filings have declined 8-10% over the last year.

If you are considering filing bankruptcy or are interested in more information about bankruptcy please contact me.  I offer a free initial consultation and I can help you file bankruptcy in Kansas or Missouri.  Please leave any questions or comments below.