Bankruptcy Filings in America - 2017

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Written by Attorney Jonathan Petts.  
Updated July 22, 2020

Summary

Bankruptcy Filings in America continue to be an effective way for many people to obtain debt relief. Congress enacted the to allow Americans to file for bankruptcy relief. help people who have suffered a financial crisis that they cannot overcome without assistance. Upsolve helps individuals file bankruptcy cases to resolve their debt problems. You can file a bankruptcy case to obtain the debt relief you need.

Bankruptcy Filings in America continue to be an effective way for many people to obtain debt relief. Congress enacted the to allow Americans to file for bankruptcy relief. help people who have suffered a financial crisis that they cannot overcome without assistance. Upsolve helps individuals file bankruptcy cases to resolve their debt problems. You can file a bankruptcy case to obtain the debt relief you need.

Statistics for Bankruptcy Filings in the United States

The United States has thousands of bankruptcy filings each month. In the last quarter of 2017, there were 176,728 non-business bankruptcy filings. Annually, the U.S. has hundreds of thousands of bankruptcy filings. In 2017, 789,020 bankruptcy filings were tracked nationwide. Bankruptcy filings in 2016 totaled 794,60.

A study shows that bankruptcy filings for older Americans may be increasing. This increase could be attributed to several factors. Chapter 7 bankruptcy filings have declined in number since 2010. However, Chapter 13 bankruptcy filings have increased. You can see the statistics for your state on the court's website. If you are struggling with debts that you cannot pay, filing for bankruptcy relief may be the best option for getting out of debt.

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Why Do People File for Bankruptcy Relief in America?

There are numerous reasons for bankruptcy filings. Each case is unique, but many people share the same types of financial hardships that lead to bankruptcy filings. For some individuals, they have multiple bankruptcy filings. The Bankruptcy Code allows for because some people experience numerous financial hardships. Common reasons for bankruptcy filings include:

  • Unemployment

  • Loss of earning capacity

  • Death of a family member

  • Divorce or separation

  • Sudden physical illness

  • Accidental injuries

  • Business failures

  • Mismanagement of finances

Regardless of why you are experiencing financial problems, you can seek bankruptcy relief. If you meet the qualifications to file under Chapter 7 or Chapter 13, it does not matter what brought you to the Bankruptcy Court for help.

About the author

Attorney Jonathan Petts
Jonathan Petts has over 10 years of experience in bankruptcy and is co-founder and Board Chair of Upsolve. Attorney Petts has an LLM in Bankruptcy from St. John's University, clerked for two federal bankruptcy judges, and worked at two top New York City law firms specializing in... read more

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Upsolve is a 501(c)(3) nonprofit that started in 2016. Our mission is to help low-income families who cannot afford lawyers file bankruptcy for free, using an online web app. Spun out of Harvard Law School, our team includes lawyers, engineers, and judges. We have world-class funders that include the U.S. government, former Google CEO Eric Schmidt, and leading foundations. It's one of the greatest civil rights injustices of our time that low-income families can’t access their basic rights when they can’t afford to pay for help. Combining direct services and advocacy, we’re fighting this injustice.

To learn more, read why we started Upsolve in 2016, our reviews from past users, and our press coverage from places like the New York Times and Wall Street Journal.

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