How Many Bankruptcies Are There in the USA?

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.

Charles Preus
Charles Preus

Charles Prius is a financial writing expert and the lead content writer for With a deep understanding of financial issues, he is dedicated to providing individuals and businesses with the information and resources they need to make informed decisions about bankruptcy. Charles's expertise extends beyond finance, as he is also a pop culture enthusiast and active on social media. His interests also include tea, internet exploration, and music. With a passion for helping others and a comprehensive knowledge of finance and popular culture, Charles is the ideal fit for the team.

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