The American Bankruptcy Institute recently released a report showing new bankruptcy filings in February of this year were up in all major categories when compared to February 2022. This included an 18% uptick in total filings, with 31,889 made last month compared to just over 27,000 a year ago. Epiq Bankruptcy provided the data used. According to the ABI, “Total commercial filings also increased 18 percent, to 1,696 versus 1,442. Commercial chapter 11 filings increased 83 percent to 373 filings, up from 204. Subchapter V small business elections increased 45 percent to 120 versus the 83 filings registered the previous year.” Individual filings also went up by 18% for February 2023 compared to February 2022, although numbers still remain well below pre-pandemic levels. “The growing number of households and businesses filing for bankruptcy reflects the mounting economic challenges they now face,” said ABI Executive Director Amy Quackenboss. “Debt loads are…
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