April 3, 2023 – New bankruptcy filings in March 2023 registered year-over-year increases across all U.S. major filing categories for the third month in a row, according to data provided by Epiq Bankruptcy, the leading provider of U.S. bankruptcy filing data.
A total of 42,368 new bankruptcies were filed in March, up 17 percent from the 36,068 filings registered in March 2022, and marking the highest number of monthly filings since 40,931 bankruptcies were recorded in April 2021. Year-over-year commercial filings were up 24 percent to 2,305 compared to 1,854 in March 2022. Commercial chapter 11 filings (including subchapter V) increased 79 percent to 548 versus the 306 filings registered the previous year. Of the total commercial chapter 11 filings, the 140 subchapter V filings in March represented a 12 percent increase from the 125 filings in March 2022.
Total individual filings increased 17 percent to 40,063 versus 34,214 in March 2022. Year-over-year individual chapter 7 filings increased 13 percent to 24,467 versus 21,594, and individual chapter 13 filings were up 24 percent to 15,537 versus 12,532 in March of 2022.
“While total filings are up for the third month in a row and exceeded the 40,000 level for the first time in two years, the jump also reflects the historical trend of March consistently being the highest month for filings every year,” said Gregg Morin, Vice President of Business Development and Revenue for Epiq Bankruptcy.
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