Bankruptcy filings were up 17% in the first half of 2023 of 2022 numbers and the surge continues.
- Chapter 11 commercial filings totaled 2,973 during the first half of 2023, which was a 68% increase compared to the first half of 2022.
- Small business filings, which are identified as Subchapter V elections of Chapter 11, totaled 814 in the first six months of 2023, demonstrating a 55% increase compared to the first half of "2022.
- Chapter 13 individual filings totaled 85,390 during first half of 2023, which was a 23% increase compared to the first half of 2022.
- All chapter filings increased in June 2023 compared to June 2022, with 37,700 total bankruptcy filings representing a 17% increase. Looking at June comparisons, commercial filings were up 12 percent and individual filings were up 18 percent.
Epps & Coulson, LLP counsels secured and unsecured creditors; creditors' committees; licensors and licensees of intellectual property; landlords and tenants; equity holders and corporate officers; corporate directors; and special committees, among others, in the healthcare; retail; real estate; manufacturing; automotive; and media and entertainment industries, in connection with pre-bankruptcy planning, restructurings, and liquidations, both in Chapter 11 and out of court.
Businesses would be wise to review receivables now and prepare for expected bankruptcies by customers, vendors and related entities.
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