Chapter 7 bankruptcies in the United States peaked in 2010, when 1.1 million non-business and 39,485 business claims were filed under Chapter 7 of the Bankruptcy Code. In 2020 these figures had dropped to 367,034 and 11,919 respectively.
Chapter 7 bankruptcy is when the debtor's (non-exempt) assets are sold to repay outstanding debts, with the remainder of the debt not needing to be repaid. Qualification for Chapter 7 bankruptcy is contingent on earning below a certain income threshold.
Annual number of Chapter 7 bankruptcy cases filed in the United States from 2007 to 2020, by debtor
Chapter 7 bankruptcy is the debtor's (non-exempt) assets are sold to repay outstanding debts, with the remainder of the debt not needing to be repaid. Qualification for Chapter 7 bankruptcy is contingent on earning below a certain income threshold.
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US Courts. (December 31, 2020). Annual number of Chapter 7 bankruptcy cases filed in the United States from 2007 to 2020, by debtor [Graph]. In Statista. Retrieved August 14, 2022, from https://www.statista.com/statistics/1118169/bankruptcy-filings-us-chapter-7-debtor/
US Courts. "Annual number of Chapter 7 bankruptcy cases filed in the United States from 2007 to 2020, by debtor." Chart. December 31, 2020. Statista. Accessed August 14, 2022. https://www.statista.com/statistics/1118169/bankruptcy-filings-us-chapter-7-debtor/
US Courts. (2020). Annual number of Chapter 7 bankruptcy cases filed in the United States from 2007 to 2020, by debtor. Statista. Statista Inc.. Accessed: August 14, 2022. https://www.statista.com/statistics/1118169/bankruptcy-filings-us-chapter-7-debtor/
US Courts. "Annual Number of Chapter 7 Bankruptcy Cases Filed in The United States from 2007 to 2020, by Debtor." Statista, Statista Inc., 31 Dec 2020, https://www.statista.com/statistics/1118169/bankruptcy-filings-us-chapter-7-debtor/
US Courts, Annual number of Chapter 7 bankruptcy cases filed in the United States from 2007 to 2020, by debtor Statista, https://www.statista.com/statistics/1118169/bankruptcy-filings-us-chapter-7-debtor/ (last visited August 14, 2022)
