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45 February 2025 J O U R N A L February 2025 » pattern brought increased moisture to the West and South regions of the nation. CoreLogic reported that 2,693,910 acres or 4,209 square miles burned in 2023 from wildfires, in contrast to the year 2022, when nearly triple the amount of that area burned, with fires touching 7,577,183 acres or 11,839 square miles (an area approximately twice the size of the state of Connecticut). The study found that wildfires gener- ally occur in transitional areas between dense development and wildlands. In the United States, this intersection is home to approximately 45 million residences, a number that continues to grow annually. "Wildlands" refers to large, open expans- es containing natural vegetation. They are not necessarily remote locations but are classified as larger expanses of natu- ral vegetation near cities where suburban developments are pushing outward from urban areas. The study notes that embers were found to be responsible for an estimat- ed 90% of home ignitions caused by wildfire, and there have been instances of embers igniting residences up to a half mile or more from an actual fire. Embers and high winds are also contributing to the damage that is hitting the Los Angeles region. U.S. BANKRUPTCY FILINGS JUMPED IN 2024 A ccording to data from Epiq AACER, the top source of U.S. bankruptcy file data, com- mercial Chapter 11 cases rose 20% in the calendar year 2024, from 6,583 filings the year before to 7,879 filings. The total number of commercial filings rose from 25,731 the year before to 30,009—an estimated 17% rise. The number of small business sub- chapter V elections under chapter 11 also increased significantly in 2024, with 2,381 files, a 32% rise from the 1,808 filed in 2023. Note that with the expiration of the higher debt limits for both filing catego- ries on June 21, 2024, the rate of increases in consumer chapter 13 and subchapter V filings declined. "As anticipated, we saw a steady increase in bankruptcy filings through- out 2024 and expect that growth trend to continue throughout 2025," said Michael Hunter, VP of Epiq AACER. "If the current trend continues, new bankrupt- cy filings will return to pre-pandemic normalized volumes over the next 24-30 months. Modest rises in household debt and elevated delinquency rates reveal the stress households are experiencing and are reflected in the [steadily] increased bankruptcy filing trends." The total number of bankruptcy files in 2024 was 508,758, which was 14% more than the 445,286 filed in 2023. The total number of bankruptcy files is still less than the pre-pandemic figure of 757,816 in CY 2019, despite a signifi- cant year-over-year increase. The overall number of consumer filings for the calendar year 2024 was 478,749, which was 14% more than the 419,555 consumer filings for the year before. In CY 2024, there were 288,968 consumer Chapter 7 filings, up 19% from 242,919 the year before. In 2024, there were 188,934 consumer Chapter 13 bank- ruptcy filings, which represents a 7% increase over the 175,977 cases in 2023. "The continued increase in bank- ruptcies over the past year ref lects the growing list of economic challenges faced by consumers and businesses," ABI Executive Director Amy Quack- enboss said. "Rising interest rates, inf la- tion, increasing geopolitical tensions and shifts in post-pandemic consumer spending have more struggling busi- nesses and families turning to bank- ruptcy for a financial fresh start from their growing debt loads." In December 2024, there were 38,121 bankruptcy filings overall, up 11% from the 34,486 files in December 2023. Additionally, the 35,793 consumer bank- ruptcy files were an 11% rise over the 32,391 consumer filings in December 2023. While consumer chapter 13 files climbed by just 1% to 13,804 in Decem- ber 2024 from 13,629 the year before, consumer chapter 7 filings increased by 17% to 21,918 in December 2024 from 18,718 in December 2023. "CoreLogic estimates that there are more than 456,000 homes with nearly $300 billion in reconstruction cost value at moderate or greater risk within the Los Angeles and Riverside metropolitan areas that are threatened by the fires." —Nathan Stovall, Director of Financial Institutions Research, S&P Global Market Intelligence