Bankruptcy filings continue to increase, says federal court administration
Bankruptcy filings rose 10.6% in the last year, according to statistics released last week by the Administrative Office of the U.S. Courts.
The information comes as consumer confidence has fallen, according to news accounts, and the economy remains a concern to U.S. voters.
While the courts processed 504,112 bankruptcies in 2024, the number of filings increased to 557,376 over the last year, ending in September. Business filings rose 5.6%, while personal filings increased 10.8%, according to a release from the Administrative Office of the U.S. Courts.
Chapter 7 liquidations, the most common type of personal bankruptcy, led at 344,825, jumping from 298,644 a year earlier.
For more than a decade, bankruptcy filings were trending downward from a high of nearly 1.6 million in September 2010, according to the release. Since June 2022, the number of filings has increased each quarter.
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