Bankruptcy Filings Plunged to Lowest Number Since 1985
Personal and business bankruptcy filings plummeted 32.2 percent for the 12-month period ending June 30, 2021. The number of filings was the lowest in a 12-month period since 1985.
According to statistics released by the Administrative Office of the U.S. Courts, the June 2021 annual bankruptcy filings totaled 462,309, compared with 682,363 cases in the previous year. The data reflect the first full 12-month period to begin after the coronavirus (COVID-19) pandemic crisis jolted the national economy.
Business filings fell 17.7 percent, from 22,482 to 18,511 in the year ending June 30, 2021. Non-business bankruptcy filings fell 32.7 percent, to 443,798 compared with 659,881 in the previous year.
Unemployment temporarily spiked in March 2020, when the COVID-19 emergency intensified. However, several factors may have impacted individuals’ decisions about whether to file for bankruptcy during the past year. For instance, increased government benefits and moratoriums on evictions and certain foreclosures may have eased financial pressures in many households.
The following bankruptcy filings statistics tables are available:
- Business and non-business bankruptcy filings for the 12-month period ending June 30, 2021 (Table F-2, 12-Month);
- A comparison of 12-month data ending June 2020 and June 2021 (Table F);
- Second quarter filings, (Table F-2, 3 Month); and filings by month (Table F-2, April, May, June);
- Bankruptcy filings by county (Table F-5A).
For more on bankruptcy and its chapters, view the following resources:
Related Topics: Bankruptcy Filings