Chapter 7 bankruptcies in the United States peaked in 2010, when 1.1 million non-business and 39,485 business claims were filed under Chapter 7 of the Bankruptcy Code. By 2023, these figures had dropped to 251,048 and 10,229 respectively.
Chapter 7 bankruptcy is when 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.
Annual number of Chapter 7 bankruptcy cases filed in the United States from 2007 to 2023, by debtor
Characteristic
Business
Non-business
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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.
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US Courts. (July 1, 2024). Annual number of Chapter 7 bankruptcy cases filed in the United States from 2007 to 2023, by debtor [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1118169/bankruptcy-filings-us-chapter-7-debtor/
US Courts. "Annual number of Chapter 7 bankruptcy cases filed in the United States from 2007 to 2023, by debtor." Chart. July 1, 2024. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1118169/bankruptcy-filings-us-chapter-7-debtor/
US Courts. (2024). Annual number of Chapter 7 bankruptcy cases filed in the United States from 2007 to 2023, by debtor. Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1118169/bankruptcy-filings-us-chapter-7-debtor/
US Courts. "Annual Number of Chapter 7 Bankruptcy Cases Filed in The United States from 2007 to 2023, by Debtor." Statista, Statista Inc., 1 Jul 2024, https://www.statista.com/statistics/1118169/bankruptcy-filings-us-chapter-7-debtor/
US Courts, Annual number of Chapter 7 bankruptcy cases filed in the United States from 2007 to 2023, by debtor Statista, https://www.statista.com/statistics/1118169/bankruptcy-filings-us-chapter-7-debtor/ (last visited August 24, 2024)
Annual number of Chapter 7 bankruptcy cases filed in the United States from 2007 to 2023, by debtor [Graph], US Courts, July 1, 2024. [Online]. Available: https://www.statista.com/statistics/1118169/bankruptcy-filings-us-chapter-7-debtor/
