Alexandria, Va.— Commercial chapter 11 filings increased 19 percent in August 2019 from last year, according to data provided by Epiq Systems, Inc. The 432 commercial chapter 11 filings in August 2019 were up 19 percent over the 364 filings registered in August 2018. Overall commercial filings also increased in August 2019, as the 3,337 filings were a 3 percent increase over the 3,231 filings in August 2018. Conversely, the 66,478 total U.S. bankruptcy filings for August 2019 represented a 3 percent decrease from the August 2018 total of 68,547 filings. The 63,141 consumer filings in August 2019 also represented a 3 percent decrease from last year’s consumer filing total of 65,316.
“Increasing trade costs and rising debt loads present challenges for financially distressed families and businesses,” said ABI Executive Director Samuel J. Gerdano. “Legislation was recently signed into law providing better access to the financial fresh start of bankruptcy for struggling small businesses, veterans and family farmers.”
President Donald J. Trump on Aug. 23 signed the “Small Business Reorganization Act of 2019” (H.R. 3311), “HAVEN Act” (H.R. 2938) and “Family Farmer Relief Act of 2019” (H.R. 2336) into law. The bipartisan bills, which ABI testified in support of in June, passed the House in late July and the Senate on August 1. To view a webinar featuring a panel of experts discussing the new laws, please click here.
For the complete article, click here: https://www.abi.org/newsroom/press-releases/commercial-chapter-11-filings-increase-19-percent-from-last-year-total