January Bankruptcy Filings Suggest Big Increase Could Be Ahead
02/07/2023 08:00 AM Posted by: AIS
The upward drift of bankruptcy filings seen in the last half of 2022 was turbo-charged in the first month of this year. After increasing by five percent during the last two quarters of 2022, bankruptcy filings increased by 18.9 percent last month compared to the previous January, for a total of 31,285 new filings. This was the most significant increase since March 2010.
December Filings Bring No Surprises
01/10/2023 08:00 AM Posted by: AIS
Calendar Year 2022 was filled with lots of economic and other surprises. Unfortunately, few of them were good. So perhaps it should come as a relief that the December bankruptcy filing data contained No Surprises. As anticipated, if not outright predicted, December 2022 filings exceeded last year’s December filings by nearly six percent. That was the fifth consecutive month of an increase over the previous year.
The Legislative and Regulatory Environment for Bankruptcy Heading into 2023
12/15/2022 08:00 AM Posted by: AIS
Credit usage has increased, interest rates continue an upward climb, and inflation stands over 7 percent for the year. But over the last month, there have also been numerous developments in the election and government policy spheres that could impact bankruptcy filing rates going forward. Here are just three developments that may be worth considering.
Bankruptcy Filings Continue to Creep Ahead of Last Year’s Pace
12/09/2022 08:00 AM Posted by: AIS
Tis the Season to spend, spend, spend. And our fellow Americans did their part to buoy the demand-side of the economy with record holiday spending on Black Friday. With the credit card bills not coming due until next year, and with foreclosures soon pausing in the run-up to the holidays, it should be less urgent for consumers to file bankruptcy over the next several weeks. November bankruptcy filings nonetheless followed the pattern of the past several months by creeping ahead of last year’s pace.
Bankruptcy Filings Are Onward and Upward
11/10/2022 08:00 AM Posted by: AIS
There was no “October Surprise” in last month’s bankruptcy filing statistics. The total number of filings of 32,699 reflects a four percent increase over October 2021. This is third consecutive month of an overall increase in comparison to the same month in the previous year.
DOJ Announces Aggressive Policies on Corporate Monitors and Executive Accountability
10/07/2022 09:00 AM Posted by: AIS
AIS recently informed it client about a new U.S. Department of Justice (DOJ) policy that was more favorable to the imposition of independent monitors to oversee corporate compliance. Cliff White provides an update.
Bankruptcy Filings Continue Upward Trend
10/05/2022 08:00 AM Posted by: AIS
The September 2022 official bankruptcy filing statistics bring to mind a musical oldie from Sonny and Cher, “The beat goes on.” The number of consumers and businesses seeking bankruptcy protection continues to trend upward as the economy grows more problematic and federal regulatory actions become more aggressive.
Bankruptcy Crimes Will Be Prosecuted By USTP
09/21/2022 09:00 AM Posted by: AIS
While it may seem like regulatory crosshairs are consistently aimed at creditors, reports show that those convicted of bankruptcy crimes have included wrongdoers from all walks of life.
August Marks Largest Increase in Bankruptcy Filings Since 2010
09/06/2022 09:00 AM Posted by: AIS
August bankruptcy numbers not only reinforce the upward trend seen in recent months but show an appreciable acceleration in filing rates. Moreover, government policy and general economic trends provide a reason to expect more of the same in the future.
Chapter 13 Filings Continue Upward Trajectory in July
08/09/2022 10:13 AM Posted by: AIS
Many experts suggest that total bankruptcy filings will finish this calendar year below last year’s low filing number. But mapping the filings by other than cumulative calendar year identifies patterns that may indicate a future rise, at least in consumer filings.
Small Business Subchapter V Is Doing Exactly What Congress Intended
07/26/2022 09:00 AM Posted by: AIS
The SBRA became effective in February 2020, just a month before much of the country shut down due to COVID. In an effort to assist more businesses facing economic hardships caused by the pandemic, Congress quickly expanded SBRA to cover businesses with up to $7.5 million in debt. The early results of SBRA were favorable and those trends have continued.
Chapter 13, 11 Filings Continue to Rise in June
07/12/2022 03:13 PM Posted by: AIS
Bankruptcy filings have been at historic lows since the beginning of the COVID pandemic in 2020. But deteriorating national economic conditions and recent chapter 13 filing data suggest that bankruptcy increases may be on the horizon.
Siegel v Fitzgerald and Its Potential Implications
06/13/2022 09:00 AM Posted by: AIS
The United States Supreme Court recently decided the case of Siegal v. Fitzgerald-- and for only the second time in history-- struck down a bankruptcy law on the seemingly technical ground that a fee imposed on chapter 11 debtors violated the constitutional requirement that bankruptcy laws be uniform. Although the issue may seem somewhat esoteric, its implications may be far-reaching, especially for creditors in Alabama and North Carolina.
Chapter 11 Filings Increase 26% in May
06/09/2022 03:13 PM Posted by: AIS
Bankruptcy filings totaled 31,292 in May, down 3.79% from April. May filings marked a 10.05% decrease year over year when compared to the 34,789 seen in May 2021. Chapter 11 filings were up 26.01% from April and 21.50% from the same month last year. Furthermore, Chapter 11, Subchapter V filings totaled 122, revealing a 22% increase from April 2022 and a 6.09% increase from May 2021.
April Bankruptcy Filings Decrease 20% from Same Period Last Year
05/05/2022 03:13 PM Posted by: AIS
According to the latest AIS Insight Report, April filings totaled 32,523, down 9.70% from the previous month and down 20.46% from April 2021. In addition, April 2022 marks a 30.76% increase in Chapter 13 filings when compared to April 2021.
March Reveals Largest Number of Total Filings in 10 Months
03/03/2022 03:13 PM Posted by: AIS
According to the latest AIS Insight Report, March filings totaled 36,015, up 33.40% from the previous month and down 17.11% from March 2022. Although this is the lowest number of total filings for the month of March in over 20 years, March 2022 marks the largest number of filings since April 2021.
Chapter 13s Up 25% from February 2021
03/03/2022 03:13 PM Posted by: AIS
According to the latest AIS Insight Report, February filings totaled 26,997, up 3% from the previous month and down 13.54% from February 2021. Over the last four months, Chapter 13’s have remained relatively flat, averaging approximately 10,600 filings per month. However, February’s count reached 10,669 which showed a 24.91% increase from the same month last year.
Chapter 13 Filings Continue to Grow in January
02/07/2022 03:13 PM Posted by: AIS
According to the latest AIS Insight Report, January filings totaled 26,203, down 6.24% from the previous month and 18.97% from January 2021. This marks the lowest number of filings for the month of January in more than 20 years. Chapter 7 filings (15,182) continue to decline for the 10-consecutive month while Chapter 13s accounted for 40.93% of all filings, an increase of 12.75% from January 2021.
December 2021 Bankruptcy Filings Continue to Decline
01/05/2022 08:00 AM Posted by: AIS
According to the latest AIS Insight report, December bankruptcies totaled 27,946, reflecting a slight decline from the previous month. This is the lowest total filings since January 2006. December 2021 marks two full years of bankruptcy data during the COVID-19 pandemic. According to the AIS Insight report total filings across all chapters for the year of 2021 totaled 401,398. When compared to 2020, it was noted that total bankruptcies were down 24.13%.
November Bankruptcies Down 15% from 2020, While October to November Seasonality Remains Consistent
12/06/2021 08:00 AM Posted by: AIS
AIS reports that November bankruptcy filings totaled 29,301, marking a year-over-year decrease of 15.05% and a 47.67% decrease when compared to pre-pandemic data (November 2019). Through November 2021 bankruptcy filings for all chapters totaled 407,784, down 25.56% over the same period last year. The slight decrease (6.93%) from October to November is in line with the seasonality we see each year with filings.
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