Chapter 7 Individual Bankruptcy Filings Jump 15 Percent in First 9 Months of 2025

Chapter 7 Individual Bankruptcy Filings Jump 15 Percent in First 9 Months of 2025

A total of 249,152 individual Chapter 7 bankruptcy filings were made in the first nine months of this year in the United States, which is a 15 percent jump compared to the same period last year, the American Bankruptcy Institute (ABI) said in an Oct. 3 statement. Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves a court-appointed trustee selling off an individual’s nonexempt assets to pay off creditors. It can discharge certai…