New bankruptcy declarations
Epiq is a world leading provider of technology solutions for the business and legal services industry, has announced its bankruptcy statistics for November 2021 for its business in information services on AACER bankruptcy filings. All in all, new filings for November were lower with 29,325 filings across all chapters, which was down 5.6 percent from the month of October 2021 when there were 31053 filings. The total amount of commercial filings across every chapter was 1,563, lower by 10.3 percent from the month of October 2021, when there were 1743 filings.
From 2021 until November the amount of bankruptcy filings for the first time for all chapters was 373 474 in decline of 24.7 percent from the time last year when there were 496,044. The downward trend is continuing because the COVID-19 pandemic in the world continues to affect bankruptcy in AL activity.
The individual Chapter 7 bankruptcies recorded 17,378 new filings in November. This was down 6.6 percent from the October 2021, when there were 18,608. The individual Chapter 13 bankruptcies recorded 10,336 new filings, a decrease of 2.9 percent in the month prior, which had 10,642. This is the first time in the past six consecutive months when new Chapter 13 filings have declined. But, as November has only 30 calendar days and is a part of the shorter Thanksgiving holiday week within the United States, this has some effect on month-to-month comparison of the new metrics for deposit.
Chapter 11 commercial filings, including subchapter V included, recorded the filing of 195 new cases in November, which was down 29.1 percent from the month before, which saw 275 new filings. Of the filings, 73 were for subchapters V, an increase from 85 in the previous month.
“New November bankruptcy filings have maintained the trend of decline since the COVID-19 pandemic hit this part of the United States in March 2020. While the month may have been shorter, it’s not the end of the story The new filing levels are substantially lower than the those before COVID-19. “said Chris Kruse, senior vice president of Epiq Bankruptcy Technology.
The bankruptcy issue of Epiq
Epiq Bankruptcy is the largest source of bankruptcy court information as well as technology and services across the United States, and a trusted partner for lenders, service providers trustees, lawyers and investors, among other. Participants in the bankruptcy field. Epiq Bankruptcy solutions include a full business restructuring process as well as trustee case management and access to the most up-to-date bankruptcy information and analysis. Learn more at https://bankruptcy.epiqglobal.com/.
Epiq is a global market leader in providing technology-related services for the legal service business and the legal industry, assists with massive and increasingly complex projects for lawyers, corporate counsel and other professionals with efficiency , certainty and clarity. Clients rely on Epiq to simplify the management of corporate operations, classes actions, mass tort, forensic reports electronic discovery, regulatory as well as compliance, restructuring and bankruptcy issues. Epiq’s specialists and technology help to improve efficiency and efficiency through knowledge and give confidence to the most successful clients around the globe.