US bankruptcy filings rise year-on-year for the second consecutive month

NEW YORK, Oct. 05, 2022 (GLOBE NEWSWIRE) — U.S. bankruptcy filings in September rose 7 percent year-on-year for the second straight month across all chapters, according to data released today Epiq’s bankruptcy analysis Platform.

A total of 33,184 applications were registered in September 2022, an increase of seven percent compared to the total of 30,922 last September. Commercial Chapter 11 filings also increased 76 percent to 437 in September versus 249 filings in September 2021.

In September 2022 there were 1,994 commercial filings, an increase of 16 percent compared to 1,721 in September 2021. The 31,190 individual filings in September also represented a seven percent increase from the total of 29,201 in September 2021. Subchapter V Small business filings recorded with 150 filings September 2022 saw the largest percentage increase, a 79 percent increase from the 84 enrollments in September 2021.

“While year-over-year comparisons suggest bankruptcies are on an upward trend, all year-to-date filings are nine percent lower than at the end of the third quarter last year,” said Gregg Morin, vice president, business development and revenue at Epiq Bankruptcy. “While we expect economic pressures to continue to drive overall new filing trends higher, month-over-month we are still seeing mixed results by chapter and obligor type.”

Although September saw a significant year-over-year increase, year-to-date filings for 2022 remain below 2021 levels. as the 284,773 filings decreased from 312,647 filings in 2021. The total of 268,901 unique filings in the first three quarters of 2022 also represented a nine percent decrease from the total unique filings of 295,166 in the first three quarters of 2021.

Commercial bankruptcy filings fell nine percent from 17,481 filings to 15,872 in the first nine months of the year…


Read full story here https://www.benzinga.com/pressreleases/22/10/g29156623/year-over-year-u-s-bankruptcy-filings-increase-for-second-consecutive-month-in-september-2022