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CORRECTION -- July 2021 Bankruptcy Filings Down 6%

·3-min read

Commercial Chapter 11 filings down 43% over same period last year

Total Chapter 11 Filings for Past 12 Months

Data from Epiq's AACER service
Data from Epiq's AACER service
Data from Epiq's AACER service

NEW YORK, Aug. 03, 2021 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Epiq, please note that the subheadline and first paragraph should state that commercial chapter 11 filings are down 43%, not 62% as originally issued. The corrected release follows:

Epiq, a global technology-enabled services leader to the legal services industry and corporations, released its July 2021 bankruptcy filing statistics from its AACER bankruptcy information services business. Across all chapters, new filings in July were 32,375, down 6% from 34,277 in June. Commercial filings across all chapters were down 15% over June, with a total of 1,696 across all chapters. In fact, commercial 11 filings are down 43% over the last 7 months with only 2,411 new filings, compared to the first 7 months of 2020 that had 4,254 commercial chapter 11 filings.

“New commercial filings continue to lag as the financial markets continue to offer robust alternatives to restructuring under U.S. bankruptcy code,” commented Brad Tuttle, general manager of Epiq Corporate Restructuring.

July chapter 13 non-commercial filings were 9,080, up 4% over June that had 8,714. This is the third month in a row with gains in the sector. “With eviction moratoriums expiring nationwide, it is conceivable that the expected bankruptcy backlog building over the last 15 months could be starting,” said Chris Kruse, senior vice president of Epiq Bankruptcy. “However, growing COVID-19 infection rates in every U.S. state may spark additional government support, stalling new filings.”

In addition, chapter 7 non-commercial filings were also down 8.4%, with 21,540 filings in July, down from 23,524 in June 2021.

There were 249,314 total new bankruptcy filings across all chapters for the first seven months of 2021, down 27% to 340,986 in the same period in 2020.

About Epiq Bankruptcy
Epiq Bankruptcy is your partner for bankruptcy information and compliance. Our AACER bankruptcy information services platform is built with superior data, technology, and expertise to create insight and mitigate risk for businesses impacted by bankruptcies. We offer free bankruptcy statistics and monthly email updates for both commercial and non-commercial consumer bankruptcy filings for Chapter 7, Chapter 11, and Chapter 13 cases. You may register for these free resources on our Bankruptcy Statistics and Trends page.

About Epiq
Epiq, a global technology-enabled services leader to the legal services industry and corporations, takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. Learn more at https://www.epiqglobal.com.

Press Contact
Rebekah Paul
Epiq
+1 310 279 3482
rebekah.paul@epiqglobal.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c13c42a1-9143-4f6e-8744-6442b5528eba


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