ALEXANDRIA, Va. (11/19/12)--Total U.S. consumer bankruptcy filings in October increased 16% from September, the American Bankruptcy Institute (ABI) said.
October bankruptcy filings--commercial and noncommercial--totaled 101,278, up from the 87,522 filings in September, according to Epiq Systems.
The 96,498 total noncommercial filings for October represented a 16% increase from the September's total of 83,493, ABI said. Commercial filings for October totaled 4,780--a 19% increase from 4,029 filings in September.
Commercial Chapter 11 filings also increased with 704 filings last month-- a 3% percent rise from the 681 in September.
Despite the uptick, total bankruptcy filings for the year remain on pace for about 1.2 million new cases, the lowest total since before the financial crisis, said ABI Executive Director Samuel Gerdano (SubPrimeNews.com Nov. 7) .
He said sustained low interest rates and weak spending as households deleverage are helping to keep bankruptcy filing rates down.
October's 101,278 total bankruptcy filings were a 9% decrease from the 111,533 filings registered in October 2011, ABI said.
Total commercial filings for October were 4,780, or a 16% decrease from October 2011. The commercial Chapter 11 filing total of 704 constituted a 23% drop from last October.
Consumer filings for October marked a 9% drop from the October 2011 noncommercial filing total of 105,814.
The average nationwide per capita bankruptcy-filing rate through the first 10 months of 2012 was 3.96 (total filings per 1,000 per population). Average filings per day in October totaled 3,267, a 9% decrease.