October Bankruptcy Filings Continue 2024 Growth Trend
October bankruptcy filings increased by 15.85% over last year, reaching 47,121 petitions, according to data supplied by AIS. This marked the highest October filing total since 2019. Chapter 7 and 13 filings continued to grow steadily with Chapter 7 at 10.75% and Chapter 13 showing significant numbers at 17,539 cases. Chapter 11 filings also remained active, recording 633 petitions. These figures highlight the ongoing shifts in the bankruptcy landscape, with substantial activity in Chapter 11 and Chapter 13 filings. Interestingly, total YTD consumer filings are up 15.18% while states like Florida (+27.74%), Texas (+27.14%), and California (+24.92%) are seeing growth well above the national average.
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VIDEO: Recap and Analysis of October Filings Data
Cliff White, Senior Advisor - Bankruptcy Compliance at AIS, gives a 3-minute breakdown of October 2024 bankruptcy filings data and the potential consequences of the Election, in this month's episode of AIS Bankruptcy Bites.
Bankruptcies are up 15.85% year-over-year, with Chapter 7 filings leading the increase at 20.71% as consumer distress remains high. Chapter 13 filings, mainly for homeowners and vehicle owners, rose 9.3%, marking the largest increase in three months.
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AIS warrants that it employs all reasonable endeavours to ensure that the supplied statistical reports are substantially complete and free of errors or defects. The user acknowledges that all information contained herein is derived from public record data and from time to time, errors may occur. InSight is a proprietary analytical report produced monthly by AIS. The supplied information will not be disclosed, recompiled, sold or traded, in whole or in part, to third parties unless prior written consent is obtained. AIS assumes no responsibility or liability for any decisions made as a result of using this report.