Bankruptcies: They’re Increasing

Bankruptcies:  They’re Increasing

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.  This is what Epps & Coulson, LLP does.  We are here to help you plan and grow and protect your business.  Please feel free to contact Dawn at: dcoulson@eppscoulson.com.

Information contained in this Memo is intended for informational and educational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney.  It is likely considered advertising.  Epps & Coulson, LLP encourages you to call to discuss these matters as they apply to you or your business.  Epps & Coulson, LLP has affiliated Counsel offices in New York and Connecticut with lawyers also admitted in Connecticut, District of Columbia Massachusetts (pending), New Jersey, Hawaii, European Union, England and Whales, France (Paris Bar) and Sweden.

EPPS & COULSON, LLP
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