Bankruptcy Filings Finish 2016 with Upward Turn
DS News Sponsored Post: After falling year-over-year for five consecutive years, the number of bankruptcy filings bumped up nationwide by 6 percent from the previous year in December 2016, according to December 2016 AACER bankruptcy data reported by Epiq Systems.
Bankruptcy filings totaled 56,394 in December, which was a decrease from November’s total of 59,300, but an increase from December 2015’s total of 53,844 (an increase of approximately 2,500). For the complete year of 2016, there were 771,894 bankruptcy filings nationwide (or 64,324 per month), down from 2015’s full year total of 819,431 (about 68,286 per month).
The average number of filings per day in December 2016 was 2,685 over 21 days, a decline of close to 300 from November’s daily average of 2,966 over 20 days. November experienced 188 fewer filings than in the month prior. Bankruptcy filings averaged 3,075 for full year of 2016 over a period of 251 filing days.
December’s total of 56,394 bankruptcy filings was less than half of the peak total of 114,820 for the month of December, recorded in 2010.
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The state with the most cumulative filings for all of 2016 was California with 71,955. As was the trend all year, Illinois was second in year-to-date filings with 52,674. The next three states with the most cumulative filings were Georgia (46,669) Florida (43,850), and Ohio (36,188).
Tennessee and Alabama continued to rank first and second among states in bankruptcy filings per capita for December with 5.57 and 5.48 for every 10,000 people, respectively. Those numbers were slight declines from November’s numbers of 5.65 and 5.52. The national average of filings per capita in December 2016 decreased slightly over-the-month from 2.51 down to 2.48, though it has increased nearly 50 basis points since January 2016’s average of 2.02 percent.
Epiq Systems is a leading global provider of technology-enabled solutions for electronic discovery, bankruptcy and class action administration. Top legal professionals depend on us for deep subject-matter expertise and years of firsthand experience working on many of the largest, most high-profile and complex client engagements. Epiq Systems, Inc. has locations in the United States, Europe and Asia.
About Author: Brian Honea
Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland.
As a bankruptcy attorney in Mount Vernon (and all of southern Illinois), Michael Curry of Curry Law Office has helped thousands of individuals, family and small businesses in southern Illinois find protection under the Bankruptcy Code for almost twenty-five years. He is also available to help individuals and families with their estate planning (wills, power-of-attorney) and real estate and other sales transactions.