Although consumer bankruptcy filings have fallen from a year ago, they have increased two months in a row on a month-over-month basis.
U.S. consumers and businesses opened a combined 72,193 new cases in federal bankruptcy courts across the country during February.
Bankruptcy filings deteriorated compared to January, when commercial and non-commercial filings also increased from the prior month — to 68,187. January’s figure was revised up from 68,153 originally reported.
The numbers were announced Wednesday by the American Bankruptcy Institute and based on data supplied by Epiq Systems.
The good news was that filings were down from 82,236 in February 2013. ABI originally reported the year-earlier figure at 82,285.
“Low interest rates, tighter lending standards and high costs to file continue to be reflected in fewer bankruptcy filings,” ABI Executive Director Samuel J. Gerdano said in the announcement of the year-over-year decline. “As these trends persist, expect bankruptcy filings to continue to decline in 2014.”
There were 2.71 U.S. filings made per each 1,000 in population during February, worsening from the prior month’s 2.64 per capita rate. Still, the per-capita rate improved from 3.11 in February 2013.
At 6.02, Tennessee maintained its grip on its standing as the state with the worst per-capita rate.
No. 2 Georgia had 4.91 filings per capita, followed by Alabama’s 4.82, Illinois’ 4.33 and Utah’s 4.06.
Excluding business filings, non-commercial bankruptcies totaled 69,380 last month, climbing from 65,286 in January. The trade group raised the month-earlier number from 65,263 originally reported.
Consumer bankruptcy filings were down, however, from 78,614 a year earlier. The February 2013 total was revised up by three.
Year-to-date Feb. 28, non-commercial bankruptcies were 134,666.
