Bankruptcies: US

Definitions

Chapter 7

Chapter 7 bankruptcy is a liquidation proceeding available to consumers and businesses. Those assets of a debtor that are not exempt from creditors are collected and liquidated (reduced to money), and the proceeds are distributed to creditors. A consumer debtor receives a complete discharge from debt under Chapter 7, except for certain debts that are prohibited from discharge by the Bankruptcy Code.

Chapter 11

Chapter 11 bankruptcy provides a procedure by which an individual or a business can reorganize its debts while continuing to operate. The vast majority of Chapter 11 cases are filed by businesses. The debtor, often with participation from creditors, creates a plan of reorganization under which to repay part or all of its debts.

Chapter 12

Chapter 12 allows a family farmer or a fisherman to file for bankruptcy, reorganize its business affairs, repay all or part of its debts, and continue operating.

Chapter 13

Chapter 13, often called wage-earner bankruptcy, is used primarily by individual consumers to reorganize their financial affairs under a repayment plan that must be completed within three or five years. To be eligible for Chapter 13 relief, a consumer must have regular income and may not have more than a certain amount of debt, as set forth in the Bankruptcy Code.

Chapter 15

Chapter 15 provides debtors, creditors, and other parties in interest involved in insolvency cases in foreign countries a mechanism by which they can assert their rights. Generally, a chapter 15 case is supplementary to a primary case or proceeding commenced in a debtor's home country. One of the primary goals of this chapter is to encourage cooperation and communication between the courts of the United States and parties in interest and foreign courts and parties in interest in cross-border cases.

Developments

						Business					Nonbusiness
Year	Total All Chapters	Total Chapter 7	Total Chapter 11	Total Chapter 13	Total Other Chapters	All Chapters	Chapter 7	Chapter 11	Chapter 13	Other Chapters	All Chapters	Chapter 7	Chapter 11	Chapter 13
2023	452,916	261,234	7,452	183,929	301	18,862	10,185	7,064	1,312	301	434,054	251,049	388	182,617
2022	387,721	225,455	4,918	157,087	261	13,481	7,728	4,465	1,027	261	374,240	217,727	453	156,060
2021	413,616	288,327	4,836	120,002	451	14,347	8,678	4,366	852	451	399,269	279,649	470	119,150
2020	544,463	378,953	8,333	156,377	800	21,655	11,919	7,786	1,150	800	522,808	367,034	547	155,227
2019	774,940	480,206	7,020	286,979	735	22,780	14,215	6,052	1,778	735	752,160	465,991	968	285,201
2018	773,418	475,575	7,095	290,146	602	22,232	13,678	6,078	1,874	602	751,186	461,897	1,017	288,272
2017	789,020	486,347	7,442	294,637	501	23,157	14,157	6,350	2,056	501	765,863	472,190	1,092	292,581
2016	794,960	490,365	7,292	296,655	461	24,114	15,033	6,174	2,259	461	770,846	475,332	1,118	294,396
2015	844,495	535,047	7,241	301,705	407	24,735	15,917	6,130	2,190	407	819,760	519,130	1,111	299,515
2014	936,795	619,069	7,234	310,061	361	26,983	18,184	6,093	2,278	360	909,812	600,885	1,141	307,783
2013	1,071,932	728,833	8,980	333,626	395	33,212	22,334	7,660	2,727	395	1,038,720	706,499	1,320	330,899
2012	1,221,091	843,545	10,361	366,532	512	40,075	27,274	8,900	3,252	512	1,181,016	816,271	1,461	363,280
2011	1,410,653	992,332	11,529	406,084	637	47,806	33,698	9,772	3,630	637	1,362,847	958,634	1,757	402,454
2010	1,593,081	1,139,601	13,713	438,913	723	56,282	39,485	11,774	4,174	723	1,536,799	1,100,116	1,939	434,739
2009	1,473,675	1,050,832	15,189	406,962	544	60,837	41,962	13,683	4,500	544	1,412,838	1,008,870	1,506	402,462
2008	1,117,771	744,424	10,160	362,762	345	43,546	30,035	9,272	3,815	345	1,074,225	714,389	888	358,947
2007	850,912	519,364	6,353	324,771	376	28,322	18,751	5,736	3,412	376	822,590	500,613	617	321,359

Q2 2024

Personal and business bankruptcy filings rose 16.2 percent in the twelve-month period ending June 30, 2024, compared with the previous year. According to statistics released by the Administrative Office of the U.S. Courts, annual bankruptcy filings totaled 486,613 in the year ending June 2024, compared with 418,724 cases in the previous year.

• Business filings rose 40.3 percent, from 15,724 to 22,060 in the year ending June 30, 2024.
• Non-business bankruptcy filings rose 15.3 percent to 464,553, compared with 403,000 in the previous year.

	Combined					Business					Nonbusiness
Year	Total	Total	Total	Total	Total	All	Chapter	Chapter	Chapter	Other	All	Chapter	Chapter	Chapter
	All Chapters	Chapter 7	Chapter 11	Chapter 13	Other Chapters	Chapters	7	11	13	Chapters	Chapters	7	11	13
Q2 2024	132,710	80,030	2,576	49,910	194	6,276	3,151	2,462	469	194	126,434	76,879	114	49,441
Q1 2024	122,345	72,133	2,100	47,982	130	5,468	2,918	2,021	399	130	116,877	69,215	79	47,583
Q2 2023	113,942	66,921	1,906	45,046	69	4,554	2,376	1,802	307	69	109,388	64,545	104	44,739
Y/Y Change	16.47%	19.59%	35.15%	10.80%	181.16%	37.81%	32.62%	36.63%	52.77%	181.16%	15.58%	19.11%	9.62%	10.51%
Q/Q Change	8.47%	10.95%	22.67%	4.02%	49.23%	14.78%	7.98%	21.82%	17.54%	49.23%	8.18%	11.07%	44.30%	3.90%

Q1 2024

Bankruptcy filings rose 16 percent during the 12-month period ending March 31, 2024. That is a similar rate of acceleration as in the Dec. 31, 2023, quarterly report, but new bankruptcy cases remain significantly lower than before the start of the coronavirus (COVID-19) pandemic.

According to statistics released by the Administrative Office of the U.S. Courts, total filings rose to 467,774 new cases, compared with 403,273 cases reported during the year ending March 31, 2023.

Business filings increased 40.4 percent, from 14,467 in March 2023 to 20,316 in the newest report. Non-business filings rose 15.1 percent, from 388,806 in March 2023 to 447,458 in March 2024.

This year’s 12-month filing total for the quarter ending March 31 is nearly three-fifths of the total reported in March 2020, when the pandemic disrupted the U.S. economy. That year’s 12-month total was 764,282.

	Combined					Business					Nonbusiness
Year	Total	Total	Total	Total	Total	All	Chapter	Chapter	Chapter	Other	All	Chapter	Chapter	Chapter
	All Chapters	Chapter 7	Chapter 11	Chapter 13	Other Chapters	Chapters	7	11	13	Chapters	Chapters	7	11	13
Q1 2024	122,345	72,133	2,100	47,982	130	5,468	2,918	2,021	399	130	116,877	69,215	79	47,583
Q4 2023	114,767	65,799	2,210	46,691	67	5,390	2,824	2,119	380	67	109,377	62,975	91	46,311
Q1 2023	107,541	61,576	1,518	44,390	57	4,063	2,294	1,418	294	57	103,478	59,282	100	44,096
Y/Y Change	13.77%	17.14%	38.34%	8.09%	128.07%	34.58%	27.20%	42.52%	35.71%	128.07%	12.95%	16.76%	-21.00%	7.91%
Q/Q Change	6.60%	9.63%	-4.98%	2.76%	94.03%	1.45%	3.33%	-4.62%	5.00%	94.03%	6.86%	9.91%	-13.19%	2.75%

Q4 2023

Date	Combined					Business					Nonbusiness
	Total	Total	Total	Total	Total	All	Chapter	Chapter	Chapter	Other	All	Chapter	Chapter	Chapter
	All Chapters	Chapter 7	Chapter 11	Chapter 13	Other Chapters	Chapters	7	11	13	Chapters	Chapters	7	11	13
Q4 2023	114,767	65,799	2,210	46,691	67	5,390	2,824	2,119	380	67	109,377	62,975	91	46,311
Q3 2023	116,666	66,938	1,818	47,802	108	4,855	2,691	1,725	331	108	111,811	64,247	93	47,471
Q2 2023	113,942	66,921	1,906	45,046	69	4,554	2,376	1,802	307	69	109,388	64,545	104	44,739
Q1 2023	107,541	61,576	1,518	44,390	57	4,063	2,294	1,418	294	57	103,478	59,282	100	44,096
2023	452,916	261,234	7,452	183,929	301	18,862	10,185	7,064	1,312	301	434,054	251,049	388	182,617
Q4 2022	95,416	53,195	1,227	40,939	55	3,519	2,031	1,147	286	55	91,897	51,164	80	40,653
Q4 Y/Y Change	20.28%	23.69%	80.11%	14.05%	21.82%	53.17%	39.04%	84.74%	32.87%	21.82%	19.02%	23.08%	13.75%	13.92%
Q/Q Change	-1.63%	-1.70%	21.56%	-2.32%	-37.96%	11.02%	4.94%	22.84%	14.80%	-37.96%	-2.18%	-1.98%	-2.15%	-2.44%
2023 Y/Y	17%	16%	52%	17%	15%	40%	32%	58%	28%	15%	16%	15%	-14%	17%

Q3 2023

Date	Combined					Business					Nonbusiness
	Total All Chapters	Total Chapter 7	Total Chapter 11	Total Chapter 13	Total Other Chapters	All Chapters	Chapter 7	Chapter 11	Chapter 13	Other Chapters	All Chapters	Chapter 7	Chapter 11	Chapter 13
Q3 2023	116,666	66,938	1,818	47,802	108	4,855	2,691	1,725	331	108	111,811	64,247	93	47,471
Q2 2023	113,942	66,921	1,906	45,046	69	4,554	2,376	1,802	307	69	109,388	64,545	104	44,739
Q1 2023	107,541	61,576	1,518	44,390	57	4,063	2,294	1,418	294	57	103,478	59,282	100	44,096
YTD 2023	338,149	195,435	5,242	137,238	234	13,472	7,361	4,945	932	234	324,677	188,074	297	136,306
Q3 2022	101,715	57,369	1,331	42,950	65	3,527	1,975	1,204	283	65	98,188	55,394	127	42,667
Y/Y Change	14.70%	16.68%	36.59%	11.30%	66.15%	37.65%	36.25%	43.27%	16.96%	66.15%	13.87%	15.98%	-26.77%	11.26%
Q/Q Change	2.39%	0.03%	-4.62%	6.12%	56.52%	6.61%	13.26%	-4.27%	7.82%	56.52%	2.22%	-0.46%	-10.58%	6.11%

Q2 2023

Date	Combined					Business					Nonbusiness
	Total All Chapters	Total Chapter 7	Total Chapter 11	Total Chapter 13	Total Other Chapters	All Chapters	Chapter 7	Chapter 11	Chapter 13	Other Chapters	All Chapters	Chapter 7	Chapter 11	Chapter 13
Q2 2023	113,942	66,921	1,906	45,046	69	4,554	2,376	1,802	307	69	109,388	64,545	104	44,739
Q1 2023	107,541	61,576	1,518	44,390	57	4,063	2,294	1,418	294	57	103,478	59,282	100	44,096
Q2 2022	98,535	59,019	1,291	38,152	73	3,325	1,839	1,173	240	73	95,210	57,180	118	37,912
Y/Y Change	15.64%	13.39%	47.64%	18.07%	-5.48%	36.96%	29.20%	53.62%	27.92%	-5.48%	14.89%	12.88%	-11.86%	18.01%
Q/Q Change	5.95%	8.68%	25.56%	1.48%	21.05%	12.08%	3.57%	27.08%	4.42%	21.05%	5.71%	8.88%	4.00%	1.46%

Q1 2023

	Combined					Business					Nonbusiness
Year	Total	Total	Total	Total	Total	All	Chapter	Chapter	Chapter	Other	All	Chapter	Chapter	Chapter
	All Chapters	Chapter 7	Chapter 11	Chapter 13	Other Chapters	Chapters	7	11	13	Chapters	Chapters	7	11	13
Q1 2023	107,541	61,576	1,518	44,390	57	4,063	2,294	1,418	294	57	103,478	59,282	100	44,096
Q4 2022	95,416	53,195	1,227	40,939	55	3,519	2,031	1,147	286	55	91,897	51,164	80	40,653
Q1 2022	91,995	55,839	1,063	35,028	65	3,065	1,856	935	209	65	88,930	53,983	128	34,819
Y/Y Change	16.90%	10.27%	42.80%	26.73%	-12.31%	32.56%	23.60%	51.66%	40.67%	-12.31%	16.36%	9.82%	-21.88%	26.64%
Q/Q Change	12.71%	15.76%	23.72%	8.43%	3.64%	15.46%	12.95%	23.63%	2.80%	3.64%	12.60%	15.87%	25.00%	8.47%

EPIQ

Date	Total bankruptcy filings	Overall commercial filings	Commercial Chapter 11	Small business	Individual bankruptcy filings
Dec-23	34,447	2,057	503	202	32,390
Nov-23	37,860	2,252	842	181	35,608
Oct-23	40,663	2,376	631	185	38,287
Sep-23	37,346	2,205	584	173	35,141
Aug-23	41,614	2,328	634	194	39,286
Jul-23	35,718	1,990	361	150	33,728
Jun-23	37,782	2,146	582	196	35,636

December 2023

• Commercial chapter 11 filings increased 72 percent to 6,569 in calendar year 2023 from the previous year’s total of 3,819, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data.
• Overall commercial filings increased 19 percent to 25,627 from the 21,479 registered the previous year.
• Subchapter V elections within chapter 11 also experienced a substantial increase in calendar year 2023, as the 1,939 filings represented a 45 percent increase from the 1,334 recorded in 2022.
• Total bankruptcy filings in calendar year 2023 were 445,186, an 18 percent increase from the 378,390 registered during calendar year 2022. While representing a substantial year-over-year increase, total bankruptcy filings remain lower than the pre-pandemic total of 757,816 recorded in CY2019.  
• Overall consumer filing totals for calendar year 2023 were 419,559, representing an 18 percent increase from the 356,911 consumer filings the previous year.

November 2023

• Charter 11 bankruptcies in November were 842, an increase of 141 percent over the 349 filings registered in November 2022.
• Overall commercial filings increased 21 percent to 2,252 in November 2023, up from the 1,864 commercial filings registered in November 2022
• Small business filings, captured as subchapter V elections within chapter 11, increased 79 percent to 181 in November 2023, up from 101 in November 2022.
• Total bankruptcy filings were 37,860 in November 2023, a 21 percent increase from the November 2022 total of 31,187.
• Individual bankruptcy filings also registered a 21 percent year-over-year increase, as the 35,608 in November 2023 represented an increase over the 29,323 filings in November 2022.

October 2023

• There were 631 commercial chapter 11 filings registered in October 2023, an increase of 106 percent from the 306 filings registered in October 2022.
• Overall commercial filings increased 14 percent to 2,188 in October 2023, up from the 1,916 commercial filings registered in October 2022
• Small business filings, captured as subchapter V elections within chapter 11, increased 47 percent to 176 in October 2023, up from 120 in August 2022.
• Total bankruptcy filings were 40,628 in October 2023, a 24 percent increase from the October 2022 total of 32,707.
• Individual bankruptcy filings totaled 38,440 in October 2023, registering a 25 percent increase from the October 2022 30,791 filing total.

September 2023

• The 4,553 total commercial chapter 11 bankruptcies filed during the first nine months of 2023 represented a 61 percent increase over the 2,837 filed during the same period in 2022
• Small business filings, captured as subchapter V elections within chapter 11, totaled 1,419 in the first nine months of 2023, a 41 percent increase from the 1,009 elections during the same period in 2022.
• Overall commercial filings registered 18,680 for the first nine months of 2023, representing a 17 percent increase from the commercial filing total of 15,955 during the same period in 2022.
• Total bankruptcy filings were 332,138 during the first nine months of 2023, also a 17 percent increase from the 284,839 total filings during the same period a year ago.
• Total individual filings registered a 17 percent increase year-to-date to 313,458 filings up from the 268,884 filings during the first nine months of 2022.

August 2023

• There were 634 commercial Chapter 11 filings registered in August 2023, an increase of 54 percent y/y from the 411 filings registered in August 2022. August total increased 76 percent from the July chapter 11 filing total of 361.
• Overall commercial filings increased 14 percent y/y to 2,328 in August 2023, up from the 2,045 commercial filings registered in August 2022. The commercial filing total represented a 17 percent increase from the July 2023 commercial filing total of 1,990.
• Small business filings, captured as subchapter V elections within chapter 11, increased 43 percent y/y to 194 in August 2023, up from 136 in August 2022. Subchapter V elections within chapter 11 increased 29 percent from the 150 filed in July 2023.
• Total bankruptcy filings were 41,614 in August 2023, an 18 percent y/y increase from the August 2022 total of 35,409. August’s total bankruptcy filings represented a 17 percent increase when compared to the 35,718 total filings recorded in July.
• Individual bankruptcy filings totaled 39,286 in August 2023, also registering an 18 percent y/y increase from the August 2022 33,364 filing total. There were 22,887 individual chapter 7 filings in August, a 21 percent increase versus the 18,851 filings in August 2022, and there were 16,341 individual chapter 13 filings in August, a 13 percent increase over the 14,457 filings the previous year. Total individual filings for August also represented a 16 percent increase from the July 2023 filing total of 33,728. Likewise, individual chapter 7s increased 18 percent and chapter 13s increased 15 percent from July.

July 2023

• There were 362 commercial Chapter 11 filings registered in July 2023, an increase of 71 percent from the 212 filings registered in July 2022. Commercial Chapter 11 filings registered the largest drop from the previous month, as the July total decreased 38 percent from the June Chapter 11 filing total of 582.
• Overall commercial filings increased 21 percent to 1,961 in July 2023, up from the 1,621 commercial filings registered in July 2022. The commercial filing total represented a 9 percent decrease from the June 2023 commercial filing total of 2,146.
• Small business filings, captured as subchapter V elections within Chapter 11, increased 61 percent to 153 in July 2023, up from 95 in July 2022. Subchapter V elections within Chapter 11 decreased 22 percent from the 196 filed in June 2023.
• Total bankruptcy filings were 35,716 in July 2023, a 15 percent increase from the July 2022 total of 30,862. July’s total bankruptcy filings represented a 6 percent decrease when compared to the 37,782 total filings recorded in June.
• Individual bankruptcy filings totaled 33,755 in July 2023, registering a 16 percent increase from the July 2022 filing 29,241 total. There were 19,476 Individual Chapter 7 filings in July, a 17 percent increase versus 16,645 in July 2022, and there were 14,229 individual Chapter 13 filings in July, a 13 percent increase over the 12,547 filings the previous year. Total individual filings for July represented a 5 percent decrease from the June 2023 filing total of 35,636. Both individual Chapter 7 and Chapter 13 decreased 5 percent from June.

June 2023

• 2,973 total commercial Chapter 11 bankruptcies filed during the first six months of 2023 represented a 68 percent increase over the 1,766 filed during the same period in 2022
• Overall commercial filings registered 12,107 for the first half of 2023, representing an 18 percent increase from the commercial filing total of 10,258 for the first half of 2022
• Small business filings, captured as Subchapter V elections within Chapter 11, totaled 814 in the first six months of 2023, a 55 percent increase from the 525 elections during the same period in 2022.
• Total bankruptcy filings were 217,420 during the first six months of 2023, a 17 percent increase from the 185,352 total filings during the same period a year ago.
• All chapters increased in June 2023 compared to June 2022, with 37,700 total bankruptcy filings representing an increase of 17 percent from the 32,198 filed in 2022. Total commercial filings were up 12 percent from 1,891. Total Individuals were up 18 percent from 30,307.

S&P Global

Bankruptcy figures include public companies or private companies with public debt with a minimum of $2 million in assets or liabilities at the time of filing, in addition to private companies with at least $10 million in assets or liabilities. S&P Global Market Intelligence may remove companies from this list if it discovers that their total assets and liabilities do not meet the threshold requirement for inclusion.

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-corporate-bankruptcies-pick-up-pace-in-march-59-new-filings-81085453

June 2024

S&P Global Market Intelligence recorded 75 new corporate bankruptcy filings in June. The pace accelerated from the first months of 2024 and is rivaled by only the busiest months in 2020, when the shock from COVID-19 pushed a relatively higher number of companies into bankruptcy. The 346 total filings so far in 2024 is also higher than any comparable figure in the prior 13 years.

March 2024

US corporate bankruptcy filings reached a new high in March as companies continue to battle high interest rates and lingering operational challenges.

S&P Global Market Intelligence recorded 59 new bankruptcy filings in March, up from a revised total of 48 in February. While year-to-date corporate bankruptcies are below the previous year's total by the end of the first quarter, they are above the comparable totals for much of the past decade.

December 2023

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-corporate-bankruptcies-fall-in-november-with-34-new-filings-79694316

US corporate bankruptcy filings rose again in December 2023, closing out a year with the most filings since 2010.

S&P Global Market Intelligence recorded 50 bankruptcy filings in the month. The total was up from a revised 33 recorded in November, but roughly in line with the monthly average of just under 54 bankruptcies for 2023.

There were 642 total filings in 2023, significantly above the previous two years and marginally more than in 2020, which saw a flurry of COVID-19 pandemic-related filings. Although investors expect the Federal Reserve to cut interest rates as early as March, companies will still have to contend with relatively high interest rates and robust wage growth in the near term.

November 2023

S&P Global Market Intelligence recorded a total of 34 bankruptcy filings in November, down from a revised tally of 49 for October. November's total signaled a marked departure from the general trend of elevated monthly filings seen throughout 2023 and was more in line with 2021 and 2022 levels.

The year-to-date number of filings exceeds all yearly totals over the previous decade, other than 2020.

September 2023

• S&P Global Market Intelligence recorded 62 bankruptcy filings in September, bringing the third quarter's total to 182. September's total was up from a revised 56 bankruptcies in August as expectations for the Fed to maintain its benchmark interest rate at a higher level for longer than previously anticipated added to economic pressures.

August 2023

• S&P Global Market Intelligence recorded 459 bankruptcy filings in 2023 as of Aug. 31, more than the full-year totals for 2021 and 2022. The year-to-date figure is also higher than the comparable total for all but two of the prior 13 years.

• Fifty-seven companies sought bankruptcy protection in August. While the total was lower than July's 64 filings, it was still markedly above most months in the prior two calendar years.

July 2023

• 64 corporate bankruptcy filings in July, the largest monthly total since March and more filings than in any single month in 2021 or 2022.
• Filings in the first seven months of 2023 surpassed total filings for the previous year and were nearly on par with 2021's full-year tally.
• Only one company with over $1 billion in liabilities filed for bankruptcy in July, down from four in June. The additional bankruptcy brought the 2023 tally for such filings to 16.
• Companies in the consumer discretionary sector accounted for three filings in July, raising the sector's total to 48. The industrial and healthcare sectors rose by eight to 45 and by seven to 39, respectively, in July.

April 2023

S&P Global Market Intelligence recorded 54 corporate bankruptcy petitions in April, a drop from 70 in March. Those fresh filings have pushed the year-to-date count to 236, more than double the comparable figure a year ago and higher than any of the prior 12 years.

In the first four months of the year, a total of eight companies listing liabilities over $1 billion filed for bankruptcy. Larger bankruptcy cases are rising in 2023 alongside the broader increase in filings.

Consumer discretionary companies continued to record a higher number of bankruptcy filings than other sectors in 2023.