Total bankruptcy filings in the United States in May 2012 decreased 11 percent compared to the previous year, according the American Bankruptcy Institute (ABI).
May bankruptcy filings totaled 109,392, down from the 122,836 filings registered in May 2011. Total commercial filings for May 2012 were 5,259, representing a 21 percent decrease from the 6,631 filings during the same period in 2011. The 104,133 total consumer filings for May represented a 10 percent drop from the May 2011 total of 116,205.
“Households have reduced their spending and businesses are benefiting from sustained low interest rates,” said ABI Executive Director Samuel J. Gerdano. “Expect a continued drop in bankruptcy filing rates as families and businesses reinforce their balance sheets and cut costs.”
May bankruptcy filings, however, represented slight increases over April as total filings were up 0.4 percent from the April total of 108,908. Commercial filings increased 2 percent in May from the April total of 5,170, and consumer increased 0.4 percent from the April total of 103,738.
The average nationwide per capita bankruptcy-filing rate for the first five calendar months of 2012 (Jan. 1-May 31) increased to 4.13 (total filings per 1,000 per population) from the 4.10 rate for the first four months of the year, and the average total filings per day in May 2012 was 3,529, an 11 percent decrease from the 3,962 total daily filings in May 2011.
States with the highest per capita filing rate (total filings per 1,000 population) through the first five months of 2012 were:
1. Nevada (7.17)
2. Tennessee (7.01)
3. Georgia (6.45)
4. Utah (6.13)
5. Alabama (5.87)
ABI has partnered with Epiq Systems, Inc. in order to provide the most current bankruptcy filing data for analysts, researchers and members of the news media. Epiq Systems is a leading provider of managed technology for the global legal profession.