General Bankruptcy Facts and Tidbits

Here are some general bankruptcy facts and tidbits:

  1. Bankruptcy Filings in the United States (2020):
    • In 2020, there were 544,463 bankruptcy filings in the United States.
    • Source: Administrative Office of the U.S. Courts, Date: 2020
  2. Chapter 7 vs. Chapter 13 (2020):
    • Approximately 63% of bankruptcy filings were under Chapter 7, while 37% were under Chapter 13.
    • Source: American Bankruptcy Institute, Date: 2020
  3. Causes of Bankruptcy (Pre-COVID):
    • Medical expenses were a leading cause of bankruptcy filings before the COVID-19 pandemic.
    • Source: The American Journal of Public Health, Date: Pre-2020
  4. Bankruptcy Filing Rates by State (2020):
    • States with the highest bankruptcy filing rates included Alabama, Tennessee, and Mississippi.
    • Source: United States Courts, Date: 2020
  5. Business Bankruptcies (2020):
    • Business bankruptcies in the United States increased by 29% in 2020 due to the economic impact of the COVID-19 pandemic.
    • Source: American Bankruptcy Institute, Date: 2020
  6. Chapter 11 Bankruptcies (2020):
    • Large corporations, such as retailers and airlines, filed for Chapter 11 bankruptcy in 2020 at an elevated rate due to pandemic-related financial difficulties.
    • Source: American Bankruptcy Institute, Date: 2020
  7. Bankruptcy and Student Loans (2020):
    • Student loan debt remains a significant issue for many, with only a small percentage of bankruptcy filers successfully discharging student loan debt.
    • Source: The Institute for College Access & Success, Date: 2020
  8. Chapter 12 Farm Bankruptcies (2019):
    • Chapter 12 bankruptcy filings by family farmers increased by 20% in 2019, mainly due to agricultural challenges.
    • Source: American Farm Bureau Federation, Date: 2019
  9. Bankruptcy and Age (2020):
    • Bankruptcy filings by older Americans have been on the rise, with a growing number of seniors facing financial challenges.
    • Source: Consumer Bankruptcy Project, Date: 2020
  10. Bankruptcy Discharge Rate (2019):
    • In 2019, the national bankruptcy discharge rate was approximately 39%, indicating that a significant portion of filers had their debts discharged.
    • Source: United States Courts, Date: 2019

Please note that the statistics provided here are based on information available until September 2021, and the most recent statistics may differ. It’s essential to refer to current, reliable sources for the latest bankruptcy-related data. I hope you found these bankruptcy facts and tidbits interesting.

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About Author

Terrance Leeders

Chicago Bankruptcy Attorney, husband, father, Cubs fan.

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