April 2021 New Bankruptcy Filings Continue Steady Increase
NEW YORK, May 03, 2021 (GLOBE NEWSWIRE) – Epiq, a global leader in technology services for the legal services industry and businesses, released its April 2021 bankruptcy statistics for its information services business on AACER bankruptcies. April’s total new filings surpassed the forty thousand threshold for the second consecutive month with 40,886 across all chapters. New deposits were driven by 38,813 new non-commercial or individual deposits, down from 41,156 in March, but up 16% from the previous 7-month average.
“The bankruptcy filings in April extended the peak we saw in March,” said Chris Kruse, senior vice president of Epiq AACER. “This is an additional indicator that new non-commercial bankruptcy filings could return to pre-pandemic levels. We have seen some seasonality over the past few years in Q2 filings, but we are in uncharted territory with the pandemic and so we remain cautious. “
There were 147,868 new bankruptcy filings in all chapters for the first four months of 2021, up from 215,704 for the same period in 2020. The two largest categories in April were non-commercial filings, with 29,777 new cases Chapter 7 and 8,957 new Chapter 13 cases. Chapter 11 commercial filings were down 26% from March with 287 new filings in April.
Commercial filings in all chapters were down 10% from March 2,293, with a total of 2,073 new filings. “The continued decline in commercial deposits demonstrates the ability of companies to access needed capital as an alternative to bankruptcy,” said Deirdre O’Connor, senior general manager of corporate restructuring at Epiq.
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Epiq AACER is your partner for bankruptcy information and compliance. Our AACER bankruptcy information services platform is built with superior data, technology and expertise to create insight and mitigate risk for businesses affected by bankruptcy. We offer free bankruptcy statistics and monthly email updates for both commercial and non-commercial consumer bankruptcy filings for Chapter 7, Chapter 11, and Chapter 13 cases. You can subscribe to these resources free on our Bankruptcy Statistics and Trends page.
Epiq, a global leader in technology services for the legal services industry and businesses, supports large-scale and increasingly complex tasks for corporate counsel, law firms and professionals with efficiency , clarity and confidence. Customers rely on Epiq to streamline the administration of business operations, class actions and mass tort, forensic reporting, electronic discovery, regulatory, compliance, restructuring and bankruptcy matters. Epiq’s subject matter experts and technologies create efficiency through expertise and give confidence to top performing customers around the world. Learn more at https://www.epiqglobal.com.
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