The Most Surprising Bankruptcy Statistics in 2024

With sources from:,,, and many more

In this post, we will explore a collection of eye-opening statistics related to bankruptcy in the United States. From the prevalence of different types of bankruptcies to the financial impacts on individuals and businesses, these statistics provide valuable insights into the complexities of financial distress and the factors contributing to bankruptcy filings. Let’s delve into the numbers that shed light on the various facets of bankruptcy in the US.

Statistic 1

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

Sources Icon

Statistic 2

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

Sources Icon

Statistic 3

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

Sources Icon

Statistic 4

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

Sources Icon

Statistic 5

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

Sources Icon

Statistic 6

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

Sources Icon

Statistic 7

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

Sources Icon

Statistic 8

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

Sources Icon

Statistic 9

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

Sources Icon

Statistic 10

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

Sources Icon

Statistic 11

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

Sources Icon

Statistic 12

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

Sources Icon

Statistic 13

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

Sources Icon

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."

Sources Icon

Statistic 15

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

Sources Icon

Statistic 16

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

Sources Icon

Statistic 17

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

Sources Icon

Statistic 18

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

Sources Icon

Statistic 19

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

Sources Icon

Statistic 20

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

Sources Icon


Bankruptcy remains a significant issue impacting a diverse range of individuals and businesses in the United States. The statistics reveal various trends, such as the prevalence of Chapter 7 filings, the disproportionate impact on certain demographic groups like older individuals and Black Americans, and the primary reasons behind bankruptcy, with medical bills and student loan debt playing substantial roles. Despite the challenges, the data also highlights some positive outcomes, such as the high success rate of Chapter 7 discharge cases and the overall decrease in personal bankruptcies from 2019 to 2020. These statistics underscore the complex realities of financial struggles that lead individuals and businesses to seek bankruptcy protection, emphasizing the need for continued awareness and support in navigating these difficult circumstances.

Can You Trust Our Report?

The statistics are checked by us and then entered into the database. Our market data reports have been linked to by some of the largest publishers and companies on the Internet.

Learn more about our process here.

Submit Your Own Statistic Data

Would you like to submit your own researched statistics on this topic? You are welcome to use the form below and submit your suggestion to us. We will check the source and approve it if necessary.

... Before You Leave, Catch This! 🔥

Your next business insight is just a subscription away. Our newsletter The Week in Data delivers the freshest statistics and trends directly to you. Stay informed, stay ahead—subscribe now.

Sign up for our newsletter and become the navigator of tomorrow's trends. Equip your strategy with unparalleled insights!