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Westlaw News

Chapter 11s soared, but overall bankruptcies hit historic low in 2020

Overall bankruptcy filings in 2020 were at their lowest since 1986, though Chapter 11 cases climbed to new heights, indicating that the COVID-19 pandemic had a different financial impact on individuals versus corporations.

The American Bankruptcy Institute, using federal court data, said in a statement on Tuesday that about 544,000 bankruptcy cases were filed in 2020, a 30% drop from 2019. ABI attributed the significant drop in filings to the pandemic, noting that filings were actually up about 1% in January and February of last year, before the coronavirus took hold of the U.S.

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