Leading U.S. bankruptcy data provider, Epiq AACER’s latest report revealed a 6% year-over-year increase in total bankruptcy filings in November 2024, reaching 40,271 compared to 37,907 in November 2023. Individual bankruptcy filings increased 7%, reflecting the growing financial pressures among consumers and businesses.
Key Findings in The Report Include:
- Overall Individual Bankruptcy Filings: Registered a 7% year-over-year increase, with 37,826 filings in November 2024 compared to 35,446 individual bankruptcy filings in November 2023.
- Individual Chapter 7 Filings: Increased 14% year-over-year to 22,886 in November 2024, up from 20,149 in November 2023.
- Individual Chapter 13 Filings: Decreased 3% year-over-year to 14,858, compared to 15,241 in November 2023.
- Commercial Bankruptcy Filings: Declined 1% to 2,445 in November 2024, down from 2,461 a year earlier.
- Small Business (Subchapter V) Filings: Rose 28% year-over-year, with 206 filings in November 2024, compared to 161 in November 2023.
- Commercial Chapter 11 Filings: Fell 22% to 680 in November 2024, down from 865 in November 2023, impacted by high-profile cases such as WeWork in the prior year.
- Total Filings (Month-over-Month): Declined 15% from October’s 47,114 due to fewer business days and the Thanksgiving holiday.
- Consumer Filings (Month-over-Month): Decreased 15% from October’s 44,515 filings.
- Commercial Chapter 11 Filings (Month-over-Month): Increased 20% from October’s 565 cases.
- Subchapter V Filings (Month-over-Month): Rose 2% from October’s 201 filings.
It’s anticipated the rate of new filings will increase once the holiday season ends and it is expected that the new administration’s planned regulatory changes will influence filings into 2025.
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If you have questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm; we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.
SOURCE: https://www.acainternational.org/news/bankruptcy-filings-see-notable-increases-in-november-2024/