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
Total number of bankruptcy filings in the first quarter (Q1) of 2021 — 110,002
Out of that total:
- Number of non-business filings — 105,771
- Number of Business filings — 4,231
Personal bankruptcy filings by Chapter (Q1 2021):
- Total Q1 Chapter 7 — 76,553
- Total Q1 Chapter 11 — 121
- Total Q1 Chapter 13 — 29,097
- Total Q1 Other Chapters (9 & 15) — 104
Yearly bankruptcy trends
Fewer overall bankruptcies were filed in the first quarter of 2021 than were filed in the first quarter of 2020.
- Total number of bankruptcies filed in Q1 of 2021 — 110,002
- Total number of bankruptcies filed in Q1 of 2020 — 181,098
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: 
- 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
Need help starting the filing process? We’re here so you can get the fresh start you need.Start NowCall To Action Link
Need help starting the filing process? We’re here so you can get the fresh start you need.
Article last modified on December 30, 2022. Published by Debt.com, LLC