GITNUX MARKETDATA REPORT 2024

Chapter 7 Filing Frequency Statistics

Chapter 7 Filing Frequency Statistics discusses patterns and trends in the frequency of Chapter 7 bankruptcy filings.

Last Updated: June 23, 2024

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In this post, we will explore the frequency of Chapter 7 bankruptcy filings and the associated statistics that shed light on this prevalent financial recourse in the United States. From the average amount of debt carried by filers to the regional trends and outcomes, we delve into the key metrics that define Chapter 7 filing frequency and its implications for individuals facing financial challenges.

Statistic 1

"Most Chapter 7 bankruptcy filers have an average of $10,000 - $15,000 in unsecured debt."

Statistic 2

"The re-filing rate for individuals who have filed Chapter 7 previously stands around 8%."

Statistic 3

"The average annual Chapter 7 filing rate per 1,000 population in the United States is approximately 3.5 filings."

Statistic 4

"Approximately 15% of Chapter 7 filers experience foreclosure on their home."

Statistic 5

"Nearly all Chapter 7 cases (over 99%) are discharged, meaning the filer does not have to pay back most of their debts."

Statistic 6

"The average time to complete a Chapter 7 bankruptcy filing is three to six months."

Statistic 7

"Employee wages constitute the majority of income for most Chapter 7 filers."

Statistic 8

"California, Texas, and Florida have some of the highest Chapter 7 filing rates in the United States."

Statistic 9

"A large proportion of Chapter 7 bankruptcy cases are attributed to medical expenses."

Statistic 10

"The cost to file a Chapter 7 bankruptcy is usually between $1,500 and $3,000 including attorney fees."

Statistic 11

"About 21% of Chapter 7 bankruptcy filers have student loan debt."

Statistic 12

"The percentage of Chapter 7 filings declined during the COVID-19 pandemic due to government relief measures."

Statistic 13

"In 2019, there were approximately 477,106 Chapter 7 bankruptcy filings in the United States."

Statistic 14

"In 2005, Chapter 7 filings spiked to over 1.6 million due to the impending changes in bankruptcy laws."

Statistic 15

"Chapter 7 filings make up about 60% of all consumer bankruptcy filings."

Statistic 16

"The median income for Chapter 7 filers is generally lower than that of the general population."

Statistic 17

"Senior citizens have seen a significant increase in Chapter 7 filings in the last decade."

Statistic 18

"Chapter 7 bankruptcy filings decreased by roughly 40% between 2010 and 2020."

Statistic 19

"About 95% of Chapter 7 filings are known as "no-asset" cases where there are no assets available for creditors."

Statistic 20

"Debtors in Chapter 7 cases often have lower homeownership rates compared to the general population."

Overall, the statistics paint a comprehensive picture of Chapter 7 bankruptcy filings in the United States. It is evident that Chapter 7 remains a popular choice for individuals looking to alleviate their financial burdens, with a significant number of cases primarily driven by factors such as medical expenses, student loan debt, and foreclosure on homes. The high rate of successful discharges and relatively short completion time highlight the efficiency of the Chapter 7 process. However, the data also signal some concerning trends, such as the decline in filings post-COVID-19 and the increase in senior citizen filings over the last decade. These figures underscore the ongoing challenges faced by many Americans in managing their debts and seeking a fresh start through Chapter 7 bankruptcy.