TRENTON, NJ – In the twelve-month period ending December 31, 2023, the United States saw a notable rise in bankruptcy filings, according to the latest statistics from the Administrative Office of the U.S. Courts. This year’s data reveals a 16.8 percent increase across both business and non-business sectors, totaling 452,990 filings compared to 387,721 cases in the previous year.
The report highlights a 40.4 percent jump in business bankruptcies, escalating from 13,481 to 18,926 cases. Non-business filings also saw a significant uptick, with a 16 percent rise, culminating in 434,064 cases against the 374,240 recorded in December 2022.
This marks the fourth consecutive quarter of rising bankruptcy filings, reversing a trend of more than ten years of declining numbers. The drop in bankruptcy filings had been particularly sharp following the onset of the COVID-19 pandemic in early 2020, despite various economic challenges related to the pandemic.