TSL Express Daily News
The Secured Lender
![Screen Shot 2024-07-30 at 12.32.40 PM Screen Shot 2024-07-30 at 12.32.40 PM](/images/default-source/default-album/screen-shot-2024-07-30-at-12-32-40-pm.tmb-small.png?Culture=en&sfvrsn=68e037c7_1)
SFNet's The Deals and Data Issue
Intro content. Orci varius natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Curabitur iaculis sapien sagittis, accumsan magna ut, blandit massa. Quisque vehicula leo lorem, a tincidunt eros tempor nec. In quis lacus vitae risus egestas tincidunt. Phasellus nulla risus, sodales in purus non, euismod ultricies elit. Vestibulum mattis dolor non sem euismod interdum.
-
Top 5 Apps for Organizing
Mar 7, 2019If you’re like most of us, we try to stay organized in business and life, but it gets increasingly complicated…
-
The Importance of Stretching
Mar 7, 2019Every personal trainer and athletic coach I have ever worked with has stressed the importance of stretching. When working out…
-
SFNet's 40 Under 40 Award Winners Panel Recap
Mar 6, 2019Moderator: Samantha Alexander, regional underwriting manager, Wells Fargo Capital Finance’s Corporate Asset Based Lending group and 2016 CFA 40 Under…
-
SFNet's Inaugural YoPro Leadership Summit
Mar 6, 2019The Secured Finance Network brought together the next generation of commercial finance leaders for a full day of learning and…
-
It’s a Marathon, Not a Sprint
Aug 22, 2018I was recently invited to participate in an executive panel to answer questions from a credit training class comprised of...
-
It’s Not Too Late – Five Member Benefits to Cash In On Now
Aug 1, 2018As we hit the half way mark on calendar year 2018, it is a good time to take stock and…
-
It’s Time To Break Up With Your Phone
Jul 18, 2018Do I have your attention? Let’s be honest here: do you have the attention span to read this article? Compared…
-
Lien Management – What You Need to Know
Jun 6, 2018UCC filing is the cornerstone of all loans and every lien portfolio...
-
Potential Impacts of Blockchain on Commercial Lending
Jan 15, 2018By Raja Sengupta, Executive Vice President and General Manager, Wolters Kluwer’s Lien Solutions When it comes to the rising importance…
-
How to be a Good Leader
Dec 5, 2017I know what you’re thinking…another article about how to be a good leader? The short answer is yes…but this time,…
-
Fintech and Due Diligence – Disruptors and Established Firms Evolve
Oct 30, 2017The fintech sector has gone through a number of manifestations in the past two decades.
-
A Commercial Banker’s Tickler Transition Plan
Oct 18, 2017Just do a keyword search for “bank tickler,” and you’ll quickly realize that banks are still heavily reliant on manual…
-
Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
-
Selecting a Technology Vendor: 3 Questions to Ask
Jul 5, 2017As with anything else at your bank, selecting a technology vendor can be a challenging decision. Users from across different…
-
Why Back-Office Lending Automation Enhances Customer Satisfaction
Apr 25, 2017Every bank strives to keep its customers happy. Of course, some institutions are better at achieving this goal than…
-
The Lost Art of the Loan Purchase
Mar 2, 2017Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
-
Audit Prep: Why a Paperless Approach Makes Sense
Feb 15, 2017How much time does your financial institution spend preparing for audits? We recently surveyed 187 community banks, and the results…
-
Back Office Support Services: Helping you approve more clients
Feb 7, 2017How many times have you come across a potential client who’s financials are either not up to date, not accurate,…
-
“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
Jan 30, 2017Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
-
Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
July 8, 2024
Source: Epiq AACER
Total Filings Increased 7 Percent
NEW YORK/ALEXANDRIA – July 3, 2024 — The 987 total commercial chapter 11 bankruptcies filed during the first six months of 2024 represented a 70 percent increase over the 582 filed during the same period in 2023, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data.
All chapters increased in June 2024 compared to June 2023. Overall commercial filings registered 2,743 for the first half of 2024, representing a 27 percent increase from the commercial filing total of 2,154 for the first half of 2023. Small business filings, captured as subchapter V elections within chapter 11, totaled 306 in the first six months of 2024, a 76 percent increase from the 174 elections during the same period in 2023.
“Commercial filing trends continue to show strong double digit percentage increases in year-over-year filings, while individual filings increased at a much lower rate compared to commercial filings in the first half of 2024,” said Michael Hunter, vice president of Epiq AACER. “I expect a strong demand in individual filings ahead of us, especially considering the large increase in commercial filings, consumer debt levels, high interest rates, and overall increased costs with relatively flat household income. The timeframe from the onset of individual financial stress to a bankruptcy filing is generally six to 18 months.”
Total bankruptcy filings were 40,262 during the first six months of 2024, a 7 percent increase from the 37,790 total filings during the same period a year ago. Total individual filings registered a 5 percent increase, as the 37,519 filings during the first half of 2024 were up from the 35,636 filings during the first six months of 2023. The 15,228 individual chapter 13 filings in the first half of 2024 represent a 2 percent increase over the 14,991 filings during the same period in 2023.
“The continued increase in bankruptcy filings reflects the growing economic strain on businesses and households,” said ABI Executive Director Amy Quackenboss. “We hope that efforts continue on Capitol Hill to reinstate higher debt-eligibility limits for small businesses and chapter 13 filers to create greater access and a more efficient process for small businesses and families to achieve a financial fresh start.”
Due to a statutory sunset that was unable to be extended by Congress before June 21, the enhanced subchapter V debt limit established in March 2020 dropped from $7,500,000 to $3,024,725, and the chapter 13 threshold of $2,750,000 for both secured and unsecured debt reverted back to a two-part test limiting eligibility to a maximum of $465,275 for unsecured debt and $1,395,875 for secured debt.
Sen. Richard Durbin (D-Ill.), who, along with a group of bipartisan senators, had introduced S. 4150 on April 17 to extend the enhanced limits for subchapter V elections and chapter 13 filers for an additional two years, has vowed to continue to try to restore greater access for small businesses and consumers. ABI's Subchapter V Task Force in its Final Report and recommendations to Congress supports an eligibility limit of $7.5 million in aggregate noncontingent, liquidated debt for small businesses looking to reorganize under subchapter V.
Epiq and ABI will host an abiLIVE webinar later this month featuring experts providing their insights on mid-year 2024 filing trends. Deirdre O’Connor, Managing Director for Corporate Restructuring at Epiq, will serve as the moderator, with speakers including Hunter, Lindsay Milne of Bernstein Shur, and ABI's Ed Flynn. More information will be available at https://www.abi.org/calendar-of-events.
ABI has partnered with Epiq AACER to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq AACER is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry’s most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics.
About Epiq
Epiq, a global technology-enabled services leader to the legal industry and corporations, takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action, and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. Learn more at www.epiqglobal.com.
About ABI
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events.
Press Contacts
Carrie Trent
Epiq, Director of Communications & Public Relations
Carrie.Trent@epiqglobal.com
John Hartgen
ABI, Public Affairs Officer
jhartgen@abi.org