Bankruptcy Filing Statistics

Looking to know all of the recent statistics associated with bankruptcy filings? Well, you've come to the right place. We've compiled some of the most important statistics concerning bankruptcy filings in the first half of 2014.

BANKRUPTCY FILINGS - JANUARY - JUNE 2014

January 2014 (Business: 3% Nonbusiness: 97%)

Total Filings - 70,491 (2013: 81,498)
Total Chapter 7 - 44,249
Total Chapter 11 - 592
Total Chapter 12 - 27
Total Chapter 13 - 25,613

Business Filings - 2,233
Business Chapter 7 - 1,529
Business Chapter 11 - 478
Business Chapter 12 - 27
Business Chapter 13 - 189

Nonbusiness Filings - 68,258
Nonbusiness Chapter 7 - 42,720
Nonbusiness Chapter 11 - 114
Nonbusiness Chapter 13 - 25,424

February 2014 (Business: 3% Nonbusiness: 97%)

Total Filings - 74,508 (2013: 85,061)
Total Chapter 7 - 49,816
Total Chapter 11 - 612
Total Chapter 12 - 26
Total Chapter 13 - 24,047

Business Filings - 2,228
Business Chapter 7 - 1,456
Business Chapter 11 - 520
Business Chapter 12 - 26
Business Chapter 13 - 220

Nonbusiness Filings - 72,280
Nonbusiness Chapter 7 - 48,360
Nonbusiness Chapter 11 - 92
Nonbusiness Chapter 13 - 23,827

March 2014 (Business: 2.7% Nonbusiness: 97.3%)
Total Filings 93,709 (2013: 105,737)
Total Chapter 7 - 66,227
Total Chapter 11 - 721
Total Chapter 12 - 43
Total Chapter 13 - 26,715

Business Filings - 2,531
Business Chapter 7 - 1,648
Business Chapter 11 - 637
Business Chapter 12 - 43
Business Chapter 13 - 200

Nonbusiness Filings - 91,178
Nonbusiness Chapter 7 - 64,579
Nonbusiness Chapter 11 - 84
Nonbusiness Chapter 13 - 26,515

April 2014 (Business: 2.8% Nonbusiness: 97.2%)

Total Filings - 90,670 (2013: 103,525)
Total Chapter 7 - 63,976
Total Chapter 11 - 864
Total Chapter 12 - 42
Total Chapter 13 - 25,782

Business Filings - 2,563
Business Chapter 7 - 1,571
Business Chapter 11 - 756
Business Chapter 12 - 42
Business Chapter 13 - 189

Nonbusiness Filings - 88,107
Nonbusiness Chapter 7 - 62,405
Nonbusiness Chapter 11 - 108
Nonbusiness Chapter 13 - 25,593

May 2014 (Business: 2.8% Nonbusiness: 97.2%)
Total Filings 87,966 (2013: 100,621)
Total Chapter 7 - 60,488
Total Chapter 11 - 648
Total Chapter 12 - 40
Total Chapter 13 - 26,783

Business Filings - 2,467
Business Chapter 7 - 1,682
Business Chapter 11 - 531
Business Chapter 12 - 40
Business Chapter 13 - 207

Nonbusiness Filings - 85,499
Nonbusiness Chapter 7 - 58,806
Nonbusiness Chapter 11 - 117
Nonbusiness Chapter 13 - 26,576

June 2014 (Business: 3% Nonbusiness: 97%)
Total Filings 76,223 (2013: 89,042)
Total Chapter 7 - 50,059
Total Chapter 11 - 654
Total Chapter 12 - 31
Total Chapter 13 - 25,472

Business Filings - 2,253
Business Chapter 7 - 1,480
Business Chapter 11 - 555
Business Chapter 12 - 31
Business Chapter 13 - 180

Nonbusiness Filings - 73,970
Nonbusiness Chapter 7 - 48,579
Nonbusiness Chapter 11 - 99
Nonbusiness Chapter 13 - 25,292

Chapter 7

  • Erases much of a person's debt without sacrificing that person's home or car.
  • Erases credit card debt, medical debt, secured loans, some IRS tax debts, and more.
  • Creditors no longer allowed to harass you.
  • Ability to retain certain assets like your home.
  • Start rebuilding credit in as early as 3 months.

Chapter 11

  • Mostly filed by businesses, but some individuals may file for Chapter 11 as well.
  • In business cases, the debtor remains in control of the business, unlike Chapter 7.
  • Chapter 11 allows the debtor certain tools to restructure their business.
  • Individuals may file for Chapter 11, but because of its complexity, they opt for Chapter 7 or 13 instead.

Chapter 12

  • Similar to Chapter 13, but only available to family farmers and fishermen.
  • Offers additional benefits to farmers and fishermen in some circumstances.
  • Benefits may include higher debt ceilings and more exemptions than Chapter 13.

Chapter 13

  • Provides a restructured debt payment plan.
  • Offers a fresh start for those wishing to still pay off their debts.
  • Stops foreclosure and repossession.
  • Reduces interest rates to 0% on credit cards and unsecured loans.
  • Pay all creditors a monthly amount on your terms.