How many people file for bankruptcy every year?

If you are considering filing for bankruptcy, you may feel like you’re the only person facing these serious financial challenges. That couldn’t be further from the truth.

In reality, hundreds of thousands of people and businesses file for bankruptcy every year. You probably know numerous people who have. It just feels like you’re the only one because people tend not to talk about it.

Bankruptcy by the numbers

In the most recent reports — released in 2020 — the government notes that there were 682,363 bankruptcy filings from June of 2019 to June of 2020. That was slightly less than the 773,361 cases that took place between June of 2018 and June of 2019, the previous 12-month period that was recorded.

The difference was largely in consumer bankruptcy filings. They dropped by 12.1%. There was virtually no change in the number of business bankruptcy cases, which came in at 22,482. Individual bankruptcy cases are by far the most common.

What are your options when debt becomes overwhelming?

As you can see, you are definitely not alone. This helps to show how useful of a tool bankruptcy can be. When people find themselves facing financial challenges that they can’t resolve, the law offers a simple way to seek a fresh start. This can help get you back on your feet when you need it the most.

If you’ve been mulling this over, it’s time to start looking into all of your options. It can help to work with an experienced law firm that can show you the steps you need to take to begin the bankruptcy process. Bankruptcy can help you overcome your situation and get a fresh financial start.