See how bankruptcy affects other U.S. consumers and businesses.
Whether it’s your own finances or a business you’ve helped build, making the decision to file for bankruptcy is never easy. But in many cases it’s the best option available, and when done correctly, it can give you or your company the fresh start you need to move forward instead of continuing to struggle and backslide.
The statistics below can help you understand how bankruptcy is impacting individuals, families and businesses in the U.S. today. If you’re struggling with debt and need help, call us or complete the form to the right to connect with the expert assistance you need.
Bankruptcy filing statistics
Per The United States Courts:
Total number of bankruptcy filings Q1-Q3 of 2024 — 504,112
Out of that total:
- Number of non-business filings — 481,350
- Number of Business filings — 22,762
Bankruptcy filings by Chapter:
- Total Q1 Chapter 7 — 298,644
- Total Q1 Chapter 11 — 9,012
- Total Q1 Chapter 12 — 202
- Total Q1 Chapter 13 — 195,971
Yearly bankruptcy trends:
More overall bankruptcies were filed in 2024 than were filed in the first quarter of 2023.
- Total number of bankruptcies filed in the year ending September 2024 — 504,112
- Total number of bankruptcies filed in the year ending September 2023 — 433,658
Bankruptcy credit report penalties
Number of years the negative item from bankruptcy will remain on your credit:
- Chapter 7 – 10 years
- Chapter 11 – 10 years
- Chapter 12 – 10 years
- Chapter 13 – 7 years
Credit score impact of bankruptcy:
Per reporting from myFico:
- A consumer with a credit score of 780 would lose 220-240 points off their credit score for a bankruptcy, for a resulting score of 540-560
- A consumer with a credit score of 680 would lose 130-150 points off their credit score for a bankruptcy, for a resulting score of 530-550
