We are used to seeing bankruptcy mentioned more and more in the media, and perhaps it has less of a stigma attached to it now than just a few years ago. You might even know someone who has successfully filed for bankruptcy.
However, do you know how many people file for bankruptcy each year?
The numbers may come as a surprise to you.
Interestingly, the number of people filing for bankruptcy in the US has actually dropped considerably over the last 5 years.
Chapter 7 Bankruptcies 2011 – 2015
| Year | Number | Equivalent City Population | Decrease % |
|---|---|---|---|
| 2011 | 1,118,481 | San Jose, California | |
| 2012 | 958,757 | San Jose, California | down 14% on 2011 |
| 2013 | 804,885 | Charlotte, North Carolina | down 16% on 2012 |
| 2014 | 699,982 | Detroit, Michigan | down 13% on 2013 |
| 2015 | 596 867 | Milwaukee, Wisconsin | down 15% on 2014 |
Overall, a decrease of 47% in 5 years. This means that there were almost half as many people filing for Chapter 7 Bankruptcy in 2015 as in 2011.
Chapter 13 Bankruptcies 2011 – 2015
| Year | Number | Equivalent City Population | Decrease % |
|---|---|---|---|
| 2011 | 438,788 | Raleigh, North Carolina | |
| 2012 | 396,175 | Tulsa, Oklahoma | down 10% on 2011 |
| 2013 | 355,081 | Tampa, Florida | down 10% on 2012 |
| 2014 | 329,256 | Santa Ana, California | down 7% on 2013 |
| 2015 | 306,729 | Pittsburgh, Pennsylvania | down 7% on 2014 |
Overall, a decrease of 30% over 5 years. This means that there were almost a third fewer people filing for Chapter 13 Bankruptcy in 2015 as in 2011.
Source USCourts.gov.
Perhaps these significant decreases in the number of people filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy each year do go to show that the US economy is improving.
The reductin in the number of people filing for bankruptcy also show that people are seemingly managing to live within their means and pay their bills, without needing to file for bankruptcy.
Conclusion
However, for those people who do have money worries, filing for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy is often the best way to resolve their financial problems.
If you’re struggling with money worries and think you could benefit from the help and advice of an experienced Minnesota bankruptcy attorney, then why not fill out our free Bankruptcy Evaluation Form or Contact Us at 612.824.4357 today and tell us how we can help you?
