Minnesota Bankruptcy Statistics 2015
We talk a lot about why people file for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, how the process works, and what to expect.
Now over the next few weeks we’re going to give you some 2015 facts and figures regarding bankruptcy in Minnesota, and how bankruptcy in Minnesota compares to other states across the USA.
- How does Minnesota compare to the states with the highest and lowest number of bankruptcies filed?
- How does Minnesota compare to the highest and lowest per capita bankruptcy filings?
- How does Minnesota compare to the state with the lowest ratio of Chapter 7 bankruptcies?
- How does Minnesota compare to the states with the highest ratio of Chapter 7 bankruptcies?
- How does Minnesota Compares To Bankruptcies in the Lowest and Highest States By Population?
This week we’ll start off with Minnesota itself.
In 2015 Minnesota saw:
- 10,500 bankruptcies filed
- 85% Chapter 7 (8,868)
- 15% Chapter 13 (1,577)
- 13% decrease in bankruptcies filed compared to 2014
- 99 filings per capita (1000s), (2009 census data)
- 5,266,214 residents, (2009 census data)
The Minnesota Bankruptcy Statistics show that more than 4 out of 5 people file for Chapter 7 Bankruptcy in Minnesota. This suggests that most residents don’t have the financial capability to make repayments under a Chapter 13 Bankruptcy.
There was a 13% reduction in the number of bankruptcies filed in Minnesota for 2015 compared to 2014, which is encouraging.
Source: April 2016 Bankruptcy Statistics – State and District