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63 October 2024 J O U R N A L said Michael Hunter, VP of Epiq AACER. "The recent devastation from hurricane Helene in the Southeast, current geopo- litical conflicts, and a potential for large supply chain impacts (duration of strike) will all influence bankruptcy volumes in the months ahead." Epiq AACER is a division of Epiq and is a 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. A case filed under Chapter 11 of the U.S. Bankruptcy Code is frequently referred to as a "reorganization" bank- ruptcy. Usually, the debtor remains "in possession," has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money. A plan of reorgani- zation is proposed, creditors whose rights are affected may vote on the plan, and the plan may be confirmed by the court if it gets the required votes and satisfies certain legal requirements. Epiq found that overall commercial filings registered 22,550 for the first nine months of 2024, a 20% increase from the commercial filing total of 18,774 during the same period in 2023. Small busi- ness filings, captured as Subchapter V elections within Chapter 11, totaled 1,837 in the first nine months of 2024, a 41% in- crease from the 1,303 elections during the same period in 2023. A large portion of the increase in Subchapter V filings took place prior to the debt eligibility limit being reset on June 21 from $7.5 million to just over $3 million. Since that date, the monthly pace of small businesses electing to restructure under Subchapter V has slowed considerably. Key Highlights from Q1-Q3: Total bankruptcy filings were 383,182 during the first nine months of 2024, a 15% increase from the 332,213 total filings during the same period a year ago. • Total individual filings also registered a 15% increase year to date to 360,632 filings, up from 313,439 filings during the first nine months of 2023. • The 143,177 individual Chapter 13 filings in the first nine months of 2024 represented a 9% increase over the 131,230 filings during the same period in 2023. • Individual Chapter 7 filings increased 19% to 216,831 from the 181,703 filed in the first nine months of 2023. • All chapters increased in September 2024 compared to September 2023. Overall commercial filings increased 9% to 2,422 from 2,225 in 2023. September 2024 commercial chapter 11s increased 26% to 734 from 585 in September 2023. Total subchapter V elections within chapter 11 increased by 9% to 167 in September 2024 from 153 in September 2023. • The 42,532 total bankruptcy filings in September 2024 represented an increase of 14% from the 37,360 filed in September 2023. • Total individual filings were also up 14%, to 40,110 from 35,135. • The 24,096 individual Chapter 7 filings in September 2024 increased 22% over the 19,789 filings in September 2023. • Individual Chapter 13s were up 4% in September 2024 to 15,946 from 15,287 the previous year. "As filings steadily increase toward pre-pandemic levels, potential economic challenges continue to mount for dis- tressed consumers and businesses," ABI Executive Director Amy Quackenboss said. "Amid the resumption of student loan payments, renewed concerns regarding supply chains, and growing geopolitical tensions, bankruptcy pro- vides the opportunity for a fresh start for financially overwhelmed families and companies."