Consumer and commercial bankruptcy filings have surged in the first six months of 2024, showing a significant increase compared to the same period in 2023. According to a study by Epiq and the American Bankruptcy Institute (ABI), total bankruptcy filings rose from approximately 217,000 in the first half of 2023 to over 251,000 in the first half of this year, marking a 15% uptick.
Commercial filing trends continue to exhibit strong double-digit percentage increases in year-over-year filings. In contrast, individual filings have risen at a much lower rate. “Commercial filing trends continue to show strong double digit percentage increases in year-over-year filings, while individual filings increased at a much lower rate compared to commercial filings in the first half of 2024,” stated Michael Hunter, vice president of the Epiq AACER bankruptcy data platform.
For more detailed insights, you can access the full report here.