In 1980, businesses accounted for 13 percent of bankruptcies. Annual number of non-business bankruptcy cases filed in the United States from 2000 to 2019 [Graph]. Bankruptcies related to Covid-19 shutdowns will set records in the next 12 months, according to an NYU professor. under the Creative Commons License CC BY-ND 3.0, may be used The following year, bankruptcy filings dipped to about 600,000, the lowest point in 20 years. Do 643,000 Bankruptcies Occur in the U.S. Every Year Due to Medical Bills? However, there were still a significant number of bankruptcies filed in that region (Figure 4). S&P Global Market Intelligence says US corporate bankruptcies reached their worst levels since 2010 when 900 companies declared bankruptcy. Claim: "500,000 people go bankrupt every year because they cannot pay their outrageous medical bills.” US bankruptcies fall to 14-year low as coronavirus cases soar. The years that were analyzed in a Harvard study with Elizabeth Warren for former President Obama followed the Great Recession. However, over time, bankruptcies have not been equally dispersed across the United States. Medical Bankruptcies in the US Statistics Profit from additional features by authenticating your Admin account. In the March quarter 2019, bankruptcies were at their lowest level since the March quarter 1995, according to the latest personal insolvency statistics released by the Australian Financial Security Authority (AFSA). current data from the United States and around the Today, they account for about 3 percent. A store in New York City advertising its closing down sale. The vast majority of bankruptcies are now filed by consumers and not by businesses. Quick Analysis with our professional Research Service: Content Marketing & Information Design for your projects: As the coronavirus pandemic continues to wreak havoc on the U.S. economy, bankruptcies are on track to hit the highest level in at least 10 years according to figures compiled by S&P Global Market Intelligence. As aid runs out and the new year approaches, those holding off on bankruptcy decisions will soon start running out of options. Bankruptcies began to increase during the 1960s and have grown dramatically since 1980. NEW YORK – JAN. 5, 2020 – Epiq, a global leader in legal services, released its December 2020 and full-year bankruptcy filing statistics from its AACER bankruptcy information services business. and over 1 Mio. All bankruptcy cases are handled in federal courts, per the U.S. Bankruptcy Code.. However, there were still a significant number of bankruptcies filed in that region (Figure 4). On the other side of the spectrum, commercial bankruptcies increased in certain industries, especially energy, retail and casual dining. financial position as it has the lowest rate of farm bankruptcies of any state in the United States. Bankruptcies fell 40 percent last year in France and Britain, and were down 25 percent on average in the European Union. As a Premium user you get access to the detailed source references and background information about this statistic. Consecutive double-digit declines were the norm for 2015 and a few years prior — every reporting period since December 2011, the Administrative Office of the U.S. Courts reports.Comparing 2016 to 2015 filings through Dec. 31, overall filings decreased 5.9 percent, while terminated cases decreased 7.1 percent and pending cases decreased 8.1 percent.Those seeing the largest decrease in the amount of bankruptcy filings over 201… please visit our agency website, Your contact to the Infographics Newsroom, Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre, Profitability the Key for Tesla's S&P 500 Inclusion, An Epic Feat: New Berlin Airport Opens After 14 Years, 2021 to Set off Avalanche of Business Insolvencies, Industries with the Highest Rate of Unemployment, Upcoming Earnings for Software, Retail, Publishing, Bundesliga Return Attracts Record Audience, Rising Debt for Auto-Makers, Retail Stores, Restaurant Industry Collapses Due to Widespread Shutdowns, U.S. Farm Bankruptcies Reach Eight-Year High, Our infographics team prepares current information in a clear and understandable format, Relevant facts covering media, economy, e-commerce, and FMCG topics, Use our newsletter overview to manage the topics that you have subscribed to. 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