U.S. Bankruptcy by the Numbers: Who Is Filing the Most Bankruptcies?
The number of bankruptcies being filed in the U.S is on the rise, prompting many to ask who is filing these cases. According to recent data released by the American Bankruptcy Institute (ABI), individuals are filing more than three-quarters of all bankruptcy cases in the country and make up nearly 80 percent of debtors in Chapter 13 bankruptcies.
Businesses are also feeling the effects, with over 600,000 companies filing for bankruptcy between 2012 and 2018. The most common type of business bankruptcy has been Chapter 11, which allows a company to reorganize its finances while continuing operations as usual. In addition, Chapter 7 liquidation bankruptcies have become increasingly common amongst businesses that cannot restructure their debt or assets successfully through another form of bankruptcy protection.
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