The total number of new U.S. bankruptcy filings were 26,985 in February, up 3.2% from January, driven by individual filings, according to data from Epiq Bankruptcy Technology.
New Chapter 7 individual bankruptcies’ filings were 15,196 in February, up 1.1% over the previous month, while total commercial filings across all chapters of 1,420 dipped 5.4% M/M in February. California (1,744) and Florida (1,248) accounted for the top two states with new Chapter 7s.
The number of new Chapter 11 commercial filings totaled 203 in February, down 10.8% from the prior month. Chapter 13 filings were unchanged at 10,345.
Overall, the total number of open bankruptcy cases in February were 714,866 compared with 723,725 open cases in January.
“Although February 2022 new bankruptcy filings continue to be well below prepandemic levels, chapter 7s are up and chapter 13 individual filings remained flat month-over-month, even with February having three less days than January,” said Chris Kruse, senior vice president of Epiq. “We are watching these trends closely.”
Previously, (May 9, 2021), bankruptcy filings in April held above 40K.