Bankruptcies in the United States peaked in 2010, when 1.14 million Chapter 7 bankruptcies and 439,000 Chapter 13 bankruptcies were filed. These figures have since dropped to 261,277 and 183,956 respectively in 2023.
Chapter 7 bankruptcies are where the debtor’s assets are liquidated to repay as much debt as possible, while Chapter 13 bankruptcies are where the terms of the loan are changed so that the debt can be repaid over a longer period. Both are predominantly filed by private individuals.
Annual number of bankruptcy cases filed in the United States from 2007 to 2023, by chapter
Chapter 7 bankruptcy is the debtor's (non-exempt) assets are sold to repay outstanding debts, with the remainder of the debt not needing to be repaid. Qualification for Chapter 7 bankruptcy is contingent on earning below a certain income threshold.
Chapter 11 bankruptcy is where the debtor negotiates with their creditors to alter the terms of their repayments. While the terms of the loans are changed, the outstanding debt still needs to be repaid.
Chapter 13 bankruptcy is where debtors propose a repayment plan over a three- to five-year period. It is only available to those with sufficient disposable income to service their debts and allows for the debtor to avoid the sale of their assets to repay their outstanding debt.
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US Courts. (July 1, 2024). Annual number of bankruptcy cases filed in the United States from 2007 to 2023, by chapter [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1118140/bankruptcy-filings-us-chapter/
US Courts. "Annual number of bankruptcy cases filed in the United States from 2007 to 2023, by chapter." Chart. July 1, 2024. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1118140/bankruptcy-filings-us-chapter/
US Courts. (2024). Annual number of bankruptcy cases filed in the United States from 2007 to 2023, by chapter. Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1118140/bankruptcy-filings-us-chapter/
US Courts. "Annual Number of Bankruptcy Cases Filed in The United States from 2007 to 2023, by Chapter." Statista, Statista Inc., 1 Jul 2024, https://www.statista.com/statistics/1118140/bankruptcy-filings-us-chapter/
US Courts, Annual number of bankruptcy cases filed in the United States from 2007 to 2023, by chapter Statista, https://www.statista.com/statistics/1118140/bankruptcy-filings-us-chapter/ (last visited August 24, 2024)
Annual number of bankruptcy cases filed in the United States from 2007 to 2023, by chapter [Graph], US Courts, July 1, 2024. [Online]. Available: https://www.statista.com/statistics/1118140/bankruptcy-filings-us-chapter/