Chapter 13s Up 25% from February 2021

According to the latest AIS Insight Report, February filings totaled 26,997, up 3% from the previous month and down 13.54% from February 2021 (Figure 1).

Over the last four months, Chapter 13’s have remained relatively flat, averaging approximately 10,600 filings per month (Figure 1). However, February’s count reached 10,669 which showed a 24.91% increase from the same month last year (Figure 1).

Our analysis reveals that Chapter 7 filings totaled 16,051, marking the end of a 10-month decline (Figure 1). Interestingly, we also witnessed a 19.81% increase in Chapter 11, Subchapter V filings when compared to the previous month (Figure 1).

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Over the past two years, we’ve been watching the activity of Chapter 7 and Chapter 13 filings closely. Our February analysis reveals that after 10 consecutive months of declining Chapter 7 filings, we’re finally seeing a slight increase. Chapter 7 filings totaled 16,051 (Figure 4). On the other hand, Chapter 13 filings totaled 10,699, showing a slight decrease from last month and following the inconsistent pattern we’ve been watching in Chapter 13 filings over the past five months (Figure 4).

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For the month of February 2022, Chapter 11 filings decreased 3.27% from January 2022 totaling 266 (Figure 7). On the other hand, when compared to the previous month, Chapter 11, Subchapter V filings increased by 19.81%, 2022 totaling 127 (Figure 7). This marks the largest number of filings since April 2021 (Figure 7).

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The highest percentage of bankruptcies for February 2022 came from the South (East) (30%), followed by North Central (East) (19%), South (West) (15%), Pacific (13%), Northeast (12%), North Central (West) (6%), and Mountain (5%) regions of the country (Figure 10).

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To download the February Insight Report, click here.