Money · Facts & sources
4 sourced facts about personal and business bankruptcy, each with the context behind the number. 4 more are in today's round and appear here after it closes.
Answerover 96%
Business bankruptcies make up only a small slice of total filings in most years.
Source: Wikipedia - Bankruptcy in the United States (2008) en.wikipedia.org
Answer774,940
Filing counts had been climbing before the COVID-19 pandemic disrupted the trend.
Source: US Courts, Bankruptcy Filing Statistics (Table F-2, 12-month period ending Dec 31) (2019) uscourts.gov
Answerabout 67%
Chapter 7 wipes out most unsecured debt, while Chapter 13 sets up a repayment plan.
Source: Wikipedia - Bankruptcy in the United States (2008) en.wikipedia.org
Answer13,481 of 387,721, about 3.5%
The large majority of bankruptcy filings in the US are personal, not business.
Source: US Courts, Bankruptcy Filing Statistics (Table F-2, 12-month period ending Dec 31) (2022) uscourts.gov