ALEXANDRIA, Va. (12/11/12)--Total U.S. bankruptcy filings for November decreased 12% from November 2011, the American Bankruptcy Institute (ABI) said.
November bankruptcy filings--commercial and noncommercial--totaled 86,946, down from the 98,534 filings registered in November of last year, according to data provided by Epiq Systems.
Total commercial filings were 4,199--a 19% decrease from the 5,216 filings during the same period in 2011.
The 82,747 total noncommercial filings for November were an 11% drop from last November's noncommercial filing total of 93,318.
In the aftermath of a sustained drop in consumer spending on credit, November continued the trend of declining bankruptcies, said ABI executive director Samuel Gerdano (Subprimenews.com Dec. 10).
The U.S. is on track to see the lowest total new bankruptcies since before the financial crisis in 2008, he added.
Last month's 664 commercial Chapter 11 filings were a 10% rise from the 601 commercial Chapter 11 filings in November 2011. Last month's total commercial Chapter 11 filings also constituted a 23% increase from the October total of 542. Total, commercial and consumer bankruptcy filings in November also declined from October.
Total November filings were down 14% from the October's total of 101,307. Commercial filings dropped 13% in November from the October total of 4,800, and noncommercial filings decreased 14% from 96,507.
The average nationwide per capita bankruptcy-filing rate through the first 11 months of 2012 was 3.91 total filings per 1,000 per population.
Average total filings per day in November were 2,898, compared with the 3,285 total daily filings in November of last year--a 12% decline.