According to the latest AIS Insight Report, April bankruptcy filings totaled to 40,888. Although we observed a slight decrease from the previous month, this marks a 6% increase from total filings in the same month last year (Figure 1 & 2). This is the largest year-over-year rise in total monthly filings since June 2010 and the first year-over-year increase since February 2020.
In addition, we observed a 12% increase in Chapter 7 bankruptcies and a 1.6% decrease in Chapter 13 bankruptcies when compared to the same month in the previous year (Figure 3 & 4).
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Our analysis of Chapter 7 and Chapter 13 bankruptcies revealed a decrease in filings. When compared to April 2021, we observed a 3% decrease in Chapter 7 bankruptcies and a 12% decrease in Chapter 13 bankruptcies. When compared to April 2020, we noted a 12% increase in Chapter 7 bankruptcies and a 1.6% decrease in Chapter 13 bankruptcies. (Figure 3-5)
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For the Month of April 2021, Chapter 11 filings totaled 348 (Figure 6). When compared to March 2021, we observed a 23% decrease (Figure 6). Furthermore, when comparing Chapter 11s to April 2020, we observed a 34% decrease (Figures 6 & 7). Chapter 11, Subchapter V bankruptcies also witnessed a decrease in filings totaling 141 (Figure 6). This reveals a 26% decrease as compared to last month (Figure 6 & 8). However, Subchapter V bankruptcies are up 127% as compared to April 2020 (Figure 6 & 8).
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The highest percentage of bankruptcies for April 2021 came from the South (East) (26%) followed by North Central (East) (21%), Pacific (15%), South (West) (13%), Northeast (12%), Mountain (7%) and North Central (West) (6%) regions of the country (Figure 9).
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To download the full April Insight Report, click here.