Bankruptcies involving companies account for only 3% of the total number of bankruptcies in the United States. However, when it comes to personal bankruptcies, the numbers are much higher. Recent studies have revealed that 8% of people have filed for bankruptcy multiple times, and these repeat filers represent almost 16% of all registered bankruptcies. Data on U.
S. bankruptcies shows that many people who file for bankruptcy have low household incomes. This is only a small percentage of personal bankruptcies in the United States per year, but it can still put more pressure on the system to tighten the criteria for filing for bankruptcy. A study conducted by Harvard University has revealed that nearly two-thirds of all bankruptcies are due to medical expenses.
When it comes to the total number of bankruptcies, non-commercial bankruptcies make up the majority with 59,058 cases, while there were only 2,682 commercial bankruptcies. This suggests that people are more likely to declare bankruptcy than companies.