The American Bankruptcy Institute (ABI) reported, according to data provided by Epiq Systems, U.S. bankruptcy filings totaled 629,570 during the first nine months of 2015, an 11% decrease from the 705,728 total filings during the same period a year ago.

The ABI said total commercial filings during the first nine months of the year were 22,388, representing a 17% decrease from the 26,924 filings during the same period in 2014. Chapter 11 filings fell slightly during the first nine months of 2015 as the 4,091 filings represented a 1% decrease from the 4,142 chapter 11 filings during the first nine months of 2014.

“The new normal of persistent low interest rates and high filing costs continue to steer distressed households and businesses away from the financial relief of bankruptcy,” said ABI executive director Samuel J. Gerdano. “Filings remain on track for the second-lowest total since changes to the bankruptcy law were implemented 10 years ago.”