US bankruptcies hit 13-year peak in 2023; 50 new filings in December (2024)

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US bankruptcies hit 13-year peak in 2023; 50 new filings in December? ›

US bankruptcies hit 13-year peak in 2023; 50 new filings in December. 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.

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.

Common reasons that people file for bankruptcy include loss of income, high medical expenses, an unaffordable mortgage, spending beyond their means, or lending money to loved ones. Often, bankruptcy is a result of several of these factors combined.

Delaware ranks as the state with the highest number of business bankruptcy filings (1,912 per 100,000 businesses), while South Dakota experienced the fewest filings (39 per 100,000 businesses). Alabama has the highest rate of personal bankruptcies, with 349 filings per 100,000 residents.

With more than 39 million residents, California is the most populous state in America. It also has the highest number of bankruptcy filings in the nation. There were 30,973 bankruptcy cases filed in the state in 2022.

US bankruptcies surged 18% in 2023 and seen rising again in 2024 -report.

Rising interest rates, high debt loads and inflation pushed a growing number of firms to the brink.

In fact, a recent study by the University of Michigan found that baby boomers are the fastest growing age group filing for bankruptcy. And even for those who have not yet filed for bankruptcy, a lack of retirement savings greatly troubles many who face their final years with fear and uncertainty.

The most common types of bankruptcy are chapter 7, which are liquidating bankruptcy, and chapter 13 cases, often used by individuals who want to catch up on past due mortgage or car loan payments and keep their assets.

Yes, bankruptcies are considered public record. Anyone may call the court and verify if you have filed bankruptcy. Online access to bankruptcy records is available for a fee to persons who have a PACER login and password. Social security numbers are protected.

Are bankruptcies skyrocketing? ›

Non-business bankruptcy filings rose 16 percent to 434,064, compared with 374,240 in December 2022. Bankruptcy totals for the previous 12 months are reported four times annually. This is the fourth straight quarter that total bankruptcy filings have risen, following a decade-plus decline.

When an individual files for bankruptcy, they are typically responsible for paying the costs of the bankruptcy process. The cost of filing for bankruptcy can vary depending on several factors, including the type of bankruptcy, the complexity of the case, and the location of the bankruptcy court.

A study by Harvard Law School showed that two out of three people in bankruptcy have lost their job and half have experienced a serious health problem. Thirty percent of bankruptcies are filed by women filing alone and the average age of bankruptcy filers is 38.

As of February 2024, the largest all-time bankruptcy in the United States remained Lehman Brothers. The New York-based investment bank had assets worth 691 billion U.S. dollars when it filed for bankruptcy on September 15, 2008.

Anderson is correct that federal bankruptcy law does not allow states to declare bankruptcy.

A Chapter 7 bankruptcy may stay on credit reports for up to 10 years from the filing date, while a Chapter 13 bankruptcy generally remains for seven years from the filing date.