Florida’s Financial Fallout: The Alarming 23.4% Rise in Bankruptcy Cases
- Below is a press release from injuredinflorida.com regarding bankruptcy cases in Florida.
- Bankruptcy data was collected from the United States Courts to identify which states have seen the most bankruptcy filings between 2023 and 2024.
New research has revealed which states have the highest number of bankruptcy filings in the US.
The study, conducted by the personal injury attorneys Injured in Florida data from June 2023 to June 2024 from the United States Courts to determine which states experienced the largest increases in bankruptcy cases. The data was then adjusted for population size per 100,000 residents to create a fair ranking. Additionally, case terminations were analyzed by state.
Delaware experienced the largest increase in bankruptcy filings, with a 61.7% rise per 100,000 people. In 2023, there were 168 cases filed per 100,000 residents, which increased to 271 in 2024. The number of terminated cases also increased by 35% rise, from 158 cases to 213.
Washington saw the second-largest increase in bankruptcy cases, with a 36.5% rise per 100,000 residents. The number of cases filed rose from 73 in 2023 to 100 in 2024. Case terminations increased by 11%, from 86 to 96 cases.
New Mexico places third, with a 33.6% increase in bankruptcy cases per 100,000 residents. Last year, 48 cases were filed, which increased to 64
Oregon is in fourth place, with a 32.7% increase in bankruptcy cases per 100,000 residents. The number of cases filed rose from 115 in 2023 to 153 this year. Case terminations also increased by 32.7%, from 122 cases to 140.
Nevada ranks fifth, showing a 29.1% increase in bankruptcy cases per 100,000 residents. The number of cases filed increased from 188 in 2023 to 243 in 2024. Terminated cases increased from 187 to 240, a 23.1% rise.
The states with the most bankruptcy cases
| Rank | State | Bankruptcy Cases Filed Increase |
| 1 | Delaware | 61.7% |
| 2 | Washington | 36.5% |
| 3 | New Mexico | 33.6% |
| 4 | Oregon | 32.7% |
| 5 | Nevada | 29.1% |
| 6 | California | 28.6% |
| 7 | Minnesota | 27.2% |
| 8 | Texas | 24.6% |
| 9 | Maryland | 24.2% |
| 10 | Florida | 23.4% |
California ranks sixth, with a 28.6% increase in bankruptcy cases between 2023 and 2024, per 100,000 residents. The number of cases filed increased from 87 to 111. The number of terminated cases increased by 18.9%, from 91 to 108.
Minnesota takes seventh place, with a 27.2% increase in bankruptcy cases per 100,000 residents. The number of cases filed rose from 107 in 2023 to 136 in 2024. Terminations saw an 8.4% increase, rising from 106 cases to 115.
Texas ranks eighth, with a 24.6% increase in bankruptcy cases per 100,000 residents. The number of cases filed grew from 76 last year to 95 this year. The number of terminations increased by 14.8%, from 78 to 90 cases.
Maryland is in ninth place with a 24.2% increase in bankruptcy cases per 100,000 residents. The number of cases filed rose from 137 in 2023 to 171 in 2024. Case terminations increased from 147 to 160, a 9.2% rise.
Florida comes in tenth place, with a 23.4% increase in bankruptcy cases per 100,000 residents. The number of cases filed grew from 120 to 148 in the space of a year. Terminated cases saw a 6% increase, rising from 129 to 137.
A spokesperson from Injured in Florida commented on the findings:
“There are several factors driving the rise in bankruptcy cases across the U.S. These factors include consumer debt, medical expenses, job loss, and the ongoing increase in the cost of living.
“Economic uncertainty, driven by inflation, rising interest rates, and concerns about a potential recession, is putting significant strain on personal finances. Additionally, growing credit card balances and personal loans, when used excessively, can become difficult to fully repay.
“Rising costs for food, housing, and healthcare are also contributing to financial strain, alongside layoffs in certain industries. Without a steady income, it becomes nearly impossible to stay afloat, leading more people to file for bankruptcy.
“These financial pressures have forced individuals, businesses, and organizations to seek bankruptcy protection due to overwhelming expenses and financial obligations.”
-ENDS-
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Source: United States Courts, United States Census Bureau
Methodology
- Bankruptcy data was collected from the United States Courts from the period of 30th June 2023 to 20th June 2024.
- The data provided total counts for bankruptcy filings and terminations.
- Data is normalized by population from the United States Census Bureau to get per 100,000 residents per state.
- States were then ranked by their per 100k metric
| Rank | State | Bankruptcy Cases Filed Increase |
| 1 | Delaware | 61.7% |
| 2 | Washington | 36.5% |
| 3 | New Mexico | 33.6% |
| 4 | Oregon | 32.7% |
| 5 | Nevada | 29.1% |
| 6 | California | 28.6% |
| 7 | Minnesota | 27.2% |
| 8 | Texas | 24.6% |
| 9 | Maryland | 24.2% |
| 10 | Florida | 23.4% |
| 11 | North Dakota | 23.1% |
| 12 | Colorado | 21.7% |
| 13 | Massachusetts | 21.1% |
| =13 | New Jersey | 21.1% |
| 14 | North Carolina | 20.0% |
| 15 | South Dakota | 19.7% |
| 16 | Utah | 18.8% |
| 17 | Idaho | 18.2% |
| 18 | New York | 17.7% |
| 19 | South Carolina | 17.5% |
| 20 | Iowa | 16.9% |
| =20 | New Hampshire | 16.9% |
| 21 | Arizona | 16.0% |
| 22 | Ohio | 15.7% |
| 23 | West Virginia | 14.9% |
| =23 | Connecticut | 14.9% |
| 24 | Montana | 14.1% |
| 25 | Wisconsin | 13.7% |
| 26 | Hawaii | 13.4% |
| 27 | Louisiana | 13.2% |
| 28 | Kentucky | 12.9% |
| 29 | Wyoming | 12.0% |
| 30 | Vermont | 11.3% |
| 31 | Indiana | 10.8% |
| 32 | Illinois | 10.7% |
| 33 | Pennsylvania | 10.6% |
| 34 | Arkansas | 10.4% |
| 35 | Michigan | 10.0% |
| 36 | Oklahoma | 9.6% |
| 37 | Virginia | 9.5% |
| =37 | Georgia | 9.5% |
| 38 | Nebraska | 8.6% |
| 39 | Kansas | 7.9% |
| 40 | Alabama | 6.5% |
| 41 | Missouri | 3.7% |
| 42 | Tennessee | 2.7% |
| 43 | Mississippi | 0.7% |
| 44 | Rhode Island | -0.7% |
| 45 | Maine | -3.9% |
| 46 | Alaska | -5.5% |
