The American Bankruptcy Institute announced, according to data provided by Epiq Systems, total bankruptcy filings in the U.S. decreased 11% in October 2015 from October of last year, according to data provided by Epiq Systems.

Bankruptcy filings totaled 70,211 in October 2015, down from the October 2014 total of 79,006.  Total commercial filings in October 2015 decreased to 2,469, representing a 14% decline from the 2,879 business filings recorded in October 2014. Total commercial Chapter 11 filings increased 10% to 428 filings in October 2015 from the 391 commercial Chapter 11 filings registered in October 2014.

“The bankruptcy filing totals reflect consumers and businesses continuing to bolster their balance sheets,” said ABI executive director Samuel J. Gerdano. “Low interest rates and high filing costs have total bankruptcies on track for the second-lowest total since changes to the bankruptcy law were implemented in 2005.”