New Bankruptcy Filings Fall 1.1 Percent
Updated 3/5/2021: Due to technical changes, the total bankruptcy filings by chapter table was updated.
Bankruptcy filings fell by 1.1 percent for the 12-month period ending March 31, 2020, compared with the year ending March 31, 2019. According to statistics released by the Administrative Office of the U.S. Courts, the March 2020 annual bankruptcy filings totaled 764,282, compared with 772,646 cases in the previous year.
Bankruptcies filed in just the month of March 2020 were mixed, as nonbusiness filings (which includes consumer filings) fell sharply, while new business bankruptcies increased. According to Table F-2 by Month, nonbusiness filings for chapters 7, 11, and 13 fell by a total of 15 percent, compared with the same month in 2019, while business Chapter 11 filings rose 17 percent during the same time period.
The most recent quarter, which ran from Jan. 1 through March 31, 2020, ended just as new unemployment claims began spiking to historic levels. The Great Recession triggered a surge in new bankruptcies over time, reaching a peak of nearly 1.6 million new filings in the year ending September 2010.
Additional statistics released today include:
- Business and non-business bankruptcy filings for the 12-month period ending March 31, 2020, (Table F-2, Business and Non-Business Commenced by Chapter),
A comparison of 12-month data from March 2019 and March 2020 (Table F);
Bankruptcy filings by county (Report F-5A).
For more on bankruptcy and its chapters, view the following resources:
Related Topics: Bankruptcy Filings