If you want to file for a non-business (personal) bankruptcy, it is crucial to understand the various options in front of you. For example, you should go over different types of bankruptcy and determine which one suits your circumstances best. For some people, Chapter 7 offers an ideal solution to their financial problems, while others benefit from filing for Chapter 13.
It is also helpful to look at data on non-business bankruptcies, not only to keep in mind that you are not alone but to understand how many other people in similar situations handle their debts. Sometimes, bankruptcy helps offer a sense of hope and a fresh financial start.
Data on Chapter 7 and Chapter 13 bankruptcies
According to statistics published by the U.S. Courts, people filed roughly 15.3 million non-business bankruptcy petitions between October 2005 and September 2021. Chapter 7 bankruptcies made up 67% of these filings, while Chapter 13 bankruptcies represented 32% of these filings.
Between 2010 and 2019, the percentage of Chapter 7 filings in comparison to all non-business bankruptcy filings went down. However, the percentage of Chapter 13 filings went up during the same time period.
Other data on personal bankruptcies
In 2006, the U.S. Courts reports that 1,085,209 personal bankruptcies occurred. In 2021, 418,400 such bankruptcies took place. 2021 saw over 301,000 Chapter 7 bankruptcies and more than 116,800 Chapter 13 filings.
Regardless of the type of bankruptcy that you decide to move forward with, it is pivotal to have a clear understanding of the steps you need to take when filing a petition and successfully working through the process.