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Reviewing recent data on bankruptcy filings

On Behalf of | Oct 11, 2022 | Bankruptcy

If you struggle with burdensome debt that makes you feel hopeless, it is imperative to take a close look at the options in front of you and address your financial problems appropriately. In some instances, this involves filing for bankruptcy. It is vital to evaluate your options on an individualized basis, whether you decide to file for Chapter 13 or you determine that a Chapter 7 bankruptcy is better for you.

In addition, you should take a look at statistics on bankruptcy in the U.S., especially since this can serve as an important reminder that you are not alone.

Statistics on bankruptcy filings across the U.S.

The U.S. Courts reports that during 2022, more than 380,000 bankruptcy filings occurred, and non-business bankruptcies accounted for more than 367,000 of these filings. Moreover, previous years saw even more filings. Over the course of 2021, more than 462,000 bankruptcy filings came up, and 2019 saw over 773,000 filings.

Although recent data reflects a decrease in the number of bankruptcy filings when compared to past years, many people continue to file bankruptcy petitions.

Data on different types of bankruptcy

In 2022, more people filed for Chapter 7 in comparison to other types of bankruptcy. In fact, more than 239,000 Chapter 7 bankruptcy filings took place in 2022, compared to 136,169 Chapter 13 filings and 4,429 Chapter 11 filings. While many people decide to file for Chapter 7 bankruptcy, it is pivotal to analyze the unique details of your situation and move forward with the most sensible course of action based on your financial circumstances.