The Administrative Office of the U.S. Courts announced Jan. 26 bankruptcy filings rose 16.8% in 2023. Both business and non-business bankruptcies increased from Jan. 1, 2023, to Dec. 31, 2023. The office noted bankruptcy filings accelerated following more than a decade of sharp declines in filings.
For 2023, annual bankruptcy filings totaled 452,990 compared with 387,721 the previous year, with business filings also rising 40.4%. The office reported there were 18,926 business filings in 2023 and 13,481 the previous year. Non-business filings rose 16% to 434,064 last year, compared to 374,240 in 2022.
The office noted this is the fourth straight quarter total bankruptcy filings have risen after a sharp fall in filings after the first quarter of 2020, despite COVID-related economic disruptions.
In comparison to bankruptcy filings in December 2010, the office maintains the newest totals remain far lower. December 2010 experienced a peak in filings at just under 1.6 million.
Business filings in 2023 also remain lower than filings reported in 2019 at 22,780 and non-business filings were reported to be at 752,160 in 2019.
Chapter 11 filings also experienced a slight bump this past year at 7,456 compared to pre-pandemic totals at 7,020.