Small Business

October Total Bankruptcy Filings Increased 16 Percent over 2023

Total bankruptcy filings were 47,104 in October 2024, a 16 percent increase from the October 2023 total of 40,674, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data. Individual bankruptcy filings totaled 44,522 in October 2024, also registering a 16 percent increase from the October 2023 38,278 filing total. There were 27,358 individual chapter 7 filings in October 2024, a 22 percent increase over the 22,351 filings recorded in October 2023, and there were 17,091 individual chapter 13 filings in October 2024, an 8 percent increase over the 15,874 filings in October the previous year.
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Fully Secured, Nonrecourse Creditors Can Be Involuntary Petitioners, BAP Says

An involuntary petitioner whose claim was paid after filing is still counted as an involuntary petitioner, the Ninth Circuit BAP says.
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Substantive Consolidation May Proceed by Motion, District Judge Says

A district court in Florida upheld Bankruptcy Judge Peter Russin in holding that substantive consolidation does not require an adversary proceeding, a summons or a complaint.

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