March 2021 Bankruptcy Filings Spike To Highest Level In 12 Months
March 2021 saw a 41% spike in consumer bankruptcy filings over February, rising to the highest level in 12 months since the COVID pandemic started in March 2020. However, total first quarter filings were still down year over year.
Attached you will find bankruptcy filing statistics listed by jurisdiction and bankruptcy chapter for the third month of 2021. The number of filings in March totaled 40,164 with an average of 1,826 bankruptcy filings per business day, which is an increase from February’s overall total. Also attached is a presentation showing the filings by month from 2011 to 2021, by year from 1978 to 2020, growth in filings per court day and bankruptcy filings per region. In addition, we have also provided a Market Trends report comparing the historical correlation between new bankruptcy filings to unemployment rates by chapter type and how COVID, government stimulus packages, foreclosure moratoriums, and so on are temporarily affecting bankruptcy volumes.
For additional information, please contact Jim O’Reilly.