CFED Scorecard

CFED Assets & Opportunity Scorecard

Financial Assets & Income
Bankruptcy Rate
Definition

Consumer (non-business) bankruptcy filing rate per 1,000 people, 2014. Bankruptcy is the legal status of an individual who cannot repay debts owed to creditors.

Description

Bankruptcy results when a household’s expenses far exceed its income, often due to a catastrophic illness, loss of a job, death or divorce. While many Scorecard measures focus on households with little or no wealth, the bankruptcy rate describes the plight of those who may have been once financially secure until their debt overwhelmed their assets.

2.9 out of 1,000 people in United States have filed for bankruptcy

Bankruptcy Rate, 2014

StateBankruptcy Rate
(Per 1,000 People)
Rank
United States 2.9
Alabama 5.1 50
Alaska 0.6 1
Arizona 2.9 30
Arkansas 3.7 43
California 2.6 26
Colorado 3.2 35
Connecticut 1.9 20
Delaware 2.5 23
District of Columbia 1.1 4
Florida 3.3 37
Georgia 5.1 49
Hawaii 1.2 5
Idaho 2.8 29
Illinois 4.7 48
Indiana 4.4 46
Iowa 1.6 14
Kansas 2.5 25
Kentucky 3.8 44
Louisiana 3.1 34
Maine 1.5 11
Maryland 3.3 36
Massachusetts 1.5 9
Michigan 3.5 40
Minnesota 2.2 21
Mississippi 3.6 42
Missouri 3.4 38
Montana 1.4 8
Nebraska 2.4 22
Nevada 3.8 45
New Hampshire 1.8 18
New Jersey 3.0 32
New Mexico 1.8 16
New York 1.6 13
North Carolina 1.6 15
North Dakota 0.9 2
Ohio 3.5 39
Oklahoma 2.5 24
Oregon 3.0 33
Pennsylvania 1.8 19
Rhode Island 2.7 27
South Carolina 1.5 10
South Dakota 1.3 7
Tennessee 5.9 51
Texas 1.3 6
Utah 4.6 47
Vermont 1.1 3
Virginia 2.8 28
Washington 2.9 31
West Virginia 1.8 17
Wisconsin 3.6 41
Wyoming 1.6 12

Change in Bankruptcy Rate

Bankruptcy Rate (%)
State20072008200920102011201220132014
United States 2.7% 3.5% 2.3% 5.0% 4.4% 3.7% 3.3% 2.9%
Alabama 5.1% 6.2% 2.1% 7.0% 6.2% 5.7% 5.5% 5.1%
Alaska 0.9% 1.2% 0.6% 1.5% 1.3% 1.0% 0.7% 0.6%
Arizona 1.6% 2.8% 3.0% 6.4% 5.4% 4.2% 3.4% 2.9%
Arkansas 4.0% 4.7% 2.0% 5.5% 4.8% 4.3% 4.0% 3.7%
California 1.9% 3.5% 2.8% 6.7% 6.2% 4.8% 3.4% 2.6%
Colorado 3.1% 4.1% 3.7% 6.2% 5.7% 5.0% 4.2% 3.2%
Connecticut 1.6% 2.2% 1.7% 3.1% 2.6% 2.2% 1.9% 1.9%
Delaware 2.0% 2.6% 2.0% 3.7% 3.9% 3.2% 2.6% 2.5%
District of Columbia 1.1% 1.4% 1.1% 2.0% 1.5% 1.3% 1.2% 1.1%
Florida 2.2% 3.5% 2.7% 5.8% 4.8% 4.1% 3.8% 3.3%
Georgia 5.1% 6.1% 2.7% 7.9% 7.3% 6.3% 5.7% 5.1%
Hawaii 1.0% 1.6% 1.1% 2.8% 2.3% 1.8% 1.4% 1.2%
Idaho 2.5% 3.3% 3.2% 5.1% 4.6% 3.8% 3.3% 2.8%
Illinois 3.1% 4.2% 3.4% 6.3% 5.5% 5.2% 5.0% 4.7%
Indiana 4.8% 6.0% 3.7% 7.2% 5.9% 5.4% 5.1% 4.4%
Iowa 2.3% 2.6% 1.7% 3.1% 2.5% 2.0% 1.8% 1.6%
Kansas 2.8% 3.1% 1.8% 3.8% 3.4% 3.1% 2.9% 2.5%
Kentucky 4.0% 4.9% 3.0% 5.6% 5.0% 4.5% 4.1% 3.8%
Louisiana 3.2% 3.4% 1.1% 4.1% 3.7% 3.4% 3.4% 3.1%
Maine 1.6% 2.2% 1.4% 3.0% 2.6% 2.2% 1.7% 1.5%
Maryland 2.4% 3.1% 3.0% 5.0% 4.3% 3.9% 3.8% 3.3%
Massachusetts 2.1% 2.5% 1.5% 3.5% 3.0% 2.4% 1.8% 1.5%
Michigan 4.5% 5.4% 3.4% 6.8% 5.7% 4.9% 4.2% 3.5%
Minnesota 2.2% 3.0% 2.2% 4.0% 3.5% 3.0% 2.6% 2.2%
Mississippi 3.8% 4.1% 2.0% 4.7% 4.5% 4.1% 4.2% 3.6%
Missouri 3.6% 4.2% 2.8% 5.4% 7.8% 4.6% 3.9% 3.4%
Montana 1.9% 1.9% 1.5% 3.0% 2.5% 2.0% 1.7% 1.4%
Nebraska 2.9% 3.6% 1.9% 4.2% 3.5% 3.0% 2.7% 2.4%
Nevada 4.1% 7.0% 4.2% 10.8% 8.6% 6.2% 4.8% 3.8%
New Hampshire 2.0% 2.7% 1.7% 3.8% 3.4% 2.8% 2.3% 1.8%
New Jersey 2.2% 3.0% 2.5% 4.5% 4.2% 3.4% 3.2% 3.0%
New Mexico 1.7% 2.2% 1.9% 3.1% 2.6% 2.2% 2.0% 1.8%
New York 2.0% 2.3% 1.5% 2.8% 2.4% 2.0% 1.8% 1.6%
North Carolina 2.1% 2.4% 0.8% 2.6% 2.3% 2.1% 1.8% 1.6%
North Dakota 1.8% 2.0% 1.1% 2.4% 1.8% 1.4% 1.1% 0.9%
Ohio 4.3% 4.9% 3.1% 6.0% 5.0% 4.3% 4.1% 3.5%
Oklahoma 2.4% 3.0% 2.4% 3.8% 3.4% 3.1% 2.7% 2.5%
Oregon 2.4% 3.3% 2.8% 5.1% 4.4% 3.8% 3.4% 3.0%
Pennsylvania 2.3% 2.6% 1.3% 3.0% 2.5% 2.2% 2.0% 1.8%
Rhode Island 2.6% 4.0% 2.7% 5.1% 4.6% 3.7% 3.2% 2.7%
South Carolina 1.6% 1.8% 0.7% 1.9% 1.6% 1.6% 1.6% 1.5%
South Dakota 1.6% 1.7% 1.4% 2.4% 2.2% 1.8% 1.5% 1.3%
Tennessee 6.3% 7.5% 2.9% 7.7% 7.2% 6.7% 6.4% 5.9%
Texas 1.7% 1.7% 0.7% 2.2% 1.9% 1.7% 1.4% 1.3%
Utah 2.4% 3.3% 3.4% 6.4% 6.3% 5.6% 4.9% 4.6%
Vermont 1.3% 2.0% 1.1% 2.5% 1.7% 1.6% 1.4% 1.1%
Virginia 2.4% 3.5% 2.0% 4.5% 4.0% 3.5% 3.1% 2.8%
Washington 2.3% 3.2% 2.8% 4.9% 4.5% 3.9% 3.5% 2.9%
West Virginia 2.4% 2.8% 1.7% 3.2% 2.5% 2.1% 1.9% 1.8%
Wisconsin 2.8% 3.0% 5.2% 4.6% 4.3% 3.9% 3.6%
Wyoming 1.5% 1.5% 1.9% 2.6% 2.3% 2.1% 2.0% 1.6%

Definition

Consumer (non-business) bankruptcy filing rate per 1,000 people, 2014. Bankruptcy is the legal status of an individual who cannot repay debts owed to creditors.

Source

Bankruptcy Filing Statistics, U.S. Bankruptcy Courts—Business and Nonbusiness Cases Commenced during the 12-month period ending December 31, 2014. Washington, DC: Administrative Office of the U.S. Courts, 2015.

Population: 2014 American Community Survey. Washington, DC: U.S. Department of Commerce, Census Bureau, 2015.

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