Commercial Chapter 11 filings increased 74% to 345 in November 2022 from the 198 filings recorded in November 2021, according to data provided by Epiq Bankruptcy, a provider of U.S. bankruptcy filing data.

The November 2022 commercial Chapter 11 filing total was lifted by the more than 100 cases related to the Chapter 11 filing on November 11 by crypto exchange FTX Trading. Total commercial filings increased 17% to 1,848 in November over 1,586 total filings in November 2021. Subchapter V small business filings increased 38% to 117 in November 2022 from 85 filings in November 2021.

Total U.S. bankruptcy filings in November 2022 were 31,178, up 6% from 29,335 total filings in November 2021. Overall individual filings also increased 6% in November 2022, as 29,330 filings were up over 27,749 individual filings recorded in November 2021. While still below pre-pandemic levels, individual Chapter 13 filings continued to increase in November, as 12,862 filings were up 25% over the November 2021 total of 10,327.

“Despite the month-to-month reduction in filings nationally, 13 states still had double-digit month-over-month increases in the percentage of total commercial filings and seven states had double-digit increases in individual filings,” Gregg Morin, vice president of business development and revenue for Epiq Bankruptcy, said. “Even though more than 100 cases were influenced by a single crypto bankruptcy case, there will always be regional fluctuations, both higher and lower.”

States with the highest percentage increases in commercial filings included Delaware, Idaho, Nebraska, Alabama, South Dakota, Minnesota, Mississippi, Oklahoma, Michigan, Indiana, North Carolina, Kansas and New Jersey. States with the most individual filings percentage increases were Arkansas, West Virigina, South Dakota, Oregon, Kansas, Delaware and North Dakota.

“Rising debt loads, increasing interest rates and inflationary pressures are presenting families and businesses with difficult economic challenges to navigate,” Amy Quackenboss executive director at ABI, said. “Bankruptcy provides a lifeline to financially struggling households and businesses during uncertain economic times.”

Almost all filing chapters in November registered a decrease compared to October’s figures. November’s total bankruptcy filings represented a 5% decrease when compared to the 32,696 total filings recorded the previous month. Total individual filings for November represented a 5% decrease from the October 2022 individual filing total of 30,792. Individual Chapter 13 filings also registered a 6% decrease from October’s individual Chapter 13 total of 13,619. The commercial filing total represented a 3% decrease from the October 2022 commercial filing total of 1,904. Conversely, commercial Chapter 11 filings registered a 13% increase from the 305 filings the previous month due in large part to the related cases of the FTX filing. Subchapter V elections within Chapter 11 decreased 11% from the 132 filed in October 2022.