Total bankruptcy filings were 47,104 in October 2024, a 16% increase from the October 2023 total of 40,674, according to data provided by Epiq AACER, a provider of U.S. bankruptcy filing data.

Individual bankruptcy filings totaled 44,522 in October 2024, also registering a 16% increase from the October 2023 38,278 filing total. There were 27,358 individual chapter 7 filings in October 2024, a 22% increase over the 22,351 filings recorded in October 2023, and there were 17,091 individual chapter 13 filings in October 2024, an 8% increase over the 15,874 filings in October the previous year.

“We continue to observe a rise in overall filings, with notable increases in individual filings, reflecting the financial pressures faced by households,” Michael Hunter, vice president of Epiq AACER, said. “Factors such as higher consumer loan delinquency rates, increased interest rates, record-high national average mortgage payments, sharp increases in insurance premiums and overall increased expenses are significantly impacting household budgets, driving the upward trend in bankruptcy filings.”

Overall commercial filings increased 8% to 2,582 in October 2024, up from the 2,396 commercial filings registered in October 2023. There were 563 commercial chapter 11 filings registered in October 2024, down 13% from the 647 filings registered in October 2023. Small business filings, captured as subchapter V elections within chapter 11, were 202 in October 2024, representing an increase of 18% from 171 in October 2023.

“Elevated prices for goods and services, along with higher borrowing costs, compound the economic challenges faced by struggling families and businesses,” Amy Quackenboss, executive director of the American Bankruptcy Institute, said. “Access to bankruptcy is key to consumers and companies looking to alleviate their intensifying debt loads and have a chance for a financial fresh start.”

October’s total bankruptcy filings represented an 11% increase when compared to the 42,547 total filings recorded in September. Total individual filings for October also represented an 11% increase from the September 2024 filing total of 40,098. Individual chapter 7s increased 14% and chapter 13s increased 7% over September’s filings. Commercial filings increased 5% from September’s commercial filing total of 2,449. Subchapter V elections within chapter 11 increased 22% from the 165 filed in September 2024. Conversely, the commercial chapter 11 filing total decreased 24% from the September 2024 commercial chapter 11 filing total of 739.