GITNUX MARKETDATA REPORT 2024

The Most Surprising Bankruptcy Statistics in 2024

Statistic 1

"Credit card debt constitutes 72% of consumer-related bankruptcy filings."

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Statistic 2

"Married couples are more likely to file for bankruptcy than single individuals, accounting for around 64% of filings."

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Statistic 3

"African Americans are twice as likely to file for bankruptcy compared to their white counterparts."

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Statistic 4

"The American Bankruptcy Institute reported that consumer bankruptcies in the U.S. rose by nearly 9% from 2015 to 2016."

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Statistic 5

"Legal fees for filing Chapter 7 bankruptcy average around $1,500-$3,500."

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Statistic 6

"Medical debt is the leading cause of bankruptcy, contributing to 62% of personal bankruptcies."

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Statistic 7

"Chapter 13 bankruptcies made up 30.01% of all U.S. bankruptcies in 2020."

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Statistic 8

"In 2020, there were a total of 544,463 bankruptcy filings in the United States."

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Statistic 9

"Businesses accounted for 6,817 of the bankruptcy filings in 2020."

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Statistic 10

"The average age of those filing for bankruptcy is 38."

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Statistic 11

"89% of personal bankruptcy filings are due to job loss or unexpected medical expenses."

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Statistic 12

"Bankruptcy rates in U.S. states vary widely, with Alabama having the highest rate in 2020 at 296 per 100,000 people."

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Statistic 13

"Women are 50% more likely to file for bankruptcy than men."

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Statistic 14

"The incorporation of the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005 led to a 70% drop in bankruptcy filings the following year."

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Statistic 15

"In 2019, Texas had the highest number of bankruptcy filings at 6.1 per 1,000 people."

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Statistic 16

"Households earning less than $25,000 per year file for bankruptcy at 3.5 times the rate of other income groups."

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Statistic 17

"Total consumer bankruptcy filings decreased by 30.4% in 2020."

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Statistic 18

"Over 61% of bankruptcies are filed by individuals with incomes below the median U.S. household income."

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Statistic 19

"Approximately 33% of student loan borrowers end up filing for bankruptcy due to their debt."

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Statistic 20

"The percentage of Chapter 7 bankruptcies in the U.S. was 69.29% in 2020."

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