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Visualized: Corporate Bankruptcies in the U.S. (2010–2024)
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U.S. corporate bankruptcies surged in 2024, hitting a 14-year high as businesses grappled with high interest rates, tighter credit conditions, and slowing consumption.
According to data from S&P Global, 694 companies filed for bankruptcy protection in 2024, making it the most active year since 2010, when companies were dealing with the aftermath of the 2008 financial crisis.
This infographic shows the annual number of corporate bankruptcies in the U.S. from 2010 to 2024, including both liquidations and debt restructurings.
America’s Corporate Bankruptcies Over Time
U.S. corporate bankruptcies hit record highs during the 2008 Financial Crisis, with more than 4,000 companies filing for bankruptcy annually in 2007, 2008, and 2009.
Since then, bankruptcies declined sharply and stabilized in the 2010s, before rising again during the pandemic in 2020.
The table below shows the number of U.S. corporate bankruptcies in each year from 2010 to 2024:
| Year | Number of U.S. Corporate Bankruptcies |
|---|---|
| 2010 | 828 |
| 2011 | 634 |
| 2012 | 586 |
| 2013 | 558 |
| 2014 | 471 |
| 2015 | 524 |
| 2016 | 576 |
| 2017 | 520 |
| 2018 | 518 |
| 2019 | 589 |
| 2020 | 638 |
| 2021 | 405 |
| 2022 | 372 |
| 2023 | 635 |
| 2024 | 694 |
After hitting a nine-year high of 638 in 2020, U.S. corporate bankruptcies fell significantly during the economic rebound in 2021 and 2022, with stimulus measures and low interest rates helping businesses.
However, higher inflation, interest rate hikes, and an overall economic slowdown led to a sharp rise in bankruptcies in 2023. The trend continued in 2024 with 694 bankruptcies, surpassing pandemic figures to hit the highest levels since 2010.
Yet, not all companies filing for bankruptcy are looking to shut down. According to S&P Global, over 60% of bankruptcy filers in 2024 sought to restructure their debt and continue operations.
Sectors With the Most Bankruptcies in 2024
The consumer discretionary sector, which includes companies providing non-essential goods and services, had the most bankruptcies in 2024 (109 filings) as it suffered from tightened consumer spending. The industrials and healthcare sectors followed next, with 90 and 65 bankruptcies, respectively.
Interestingly, the consumer discretionary sector was also the worst-performing sector of the S&P 500 in Q1 2025, delivering a -14% return through March.
Bankruptcy Strains Continue in 2025
According to the latest data from S&P Global, 188 U.S. companies filed for bankruptcy in Q1 2025, marking the highest first-quarter level since 2010.
The largest bankruptcies of this year so far include F21 OpCo, which owns the Forever 21 fashion brand, and EV manufacturer Nikola Corporation.
As borrowing costs remain high and corporate spreads widen, business solvency is a key area to watch in 2025 amidst looming recession risks.
Learn More on the Voronoi App
If you enjoyed this infographic, check out this breakdown of America’s $19 Trillion Consumer Economy on the Voronoi app.