Bankruptcy Statistics in Ohio
The state of Ohio has experienced economic challenges in recent years, including rising debt, high unemployment rates, and increasing healthcare costs.
These challenges have contributed to a sharp rise in bankruptcy filings across the state, with thousands of individuals and businesses seeking debt relief through bankruptcy courts.
From 2019 to 2022, Ohio has seen significant trends and changes in bankruptcy filings. We will examine eight key statistics related to bankruptcy in Ohio during this time period, including the most common causes of bankruptcy, the demographics of those filing for bankruptcy, the types of bankruptcy filings, and more.
By analyzing these trends and statistics, we can gain a better understanding of the financial challenges facing Ohioans and how bankruptcy can provide a pathway to debt relief and financial stability.
8 Bankruptcy Statistics in Ohio from 2019 to 2022
Ohio’s bankruptcy statistics provide an important insight into how the state is faring financially. Here are 8 up-to-date statistics from 2019 to 2023 that provide a comprehensive understanding of the state’s bankruptcy rates and trends:
1. In 2019, Northern Ohio Had 20,292 Bankruptcies Filed in Total. [1]
2. The Number of Bankruptcies Within Northern Ohio Decreased by 27% from 2019 to 2020, Totaling 14,730 Bankruptcies. [1]
3. In 2021, the Annual Bankruptcy Filings in Northern Ohio Were Mostly Chapter 7 and Chapter 13, with Chapter 11 and Chapter 12 Following. [1]
4. The Most Common Cause of Bankruptcy in Ohio in 2021 Was Medical Debt (58%), Followed by Credit Card Debt (24%). [2]
5. The Number of Bankruptcies Filed in Southern Ohio Decreased from 2021 to 2022 by 13.9%. [3]
6. Ohio Has the 14th Highest Bankruptcy Rate in The Country as Of 2021 [4]
7. There were 12,037 Bankruptcy Filings Recorded in Southern Ohio in 2020. [3]
8. Between 2019 and 2022, the Registered Chapter 13 Bankruptcies in Southern Ohio Experienced a Significant Decrease of 49%. [3]
Northern Ohio Had 20,292 Total Bankruptcy Filings in 2019.
In 2019, Northern Ohio had a total of 20,292 bankruptcy filings. This was an increase from 2018 in which there were 20,222 bankruptcies.
The majority of these bankruptcy filings were for individuals (87%) while businesses accounted for the remaining 13%. Of the individual filings,
Chapter 7 accounted for 44% and Chapter 13 accounted for 41%, with Chapter 11 and Chapter 12 accounting.
The Northern Side of The State Saw a Decrease of 27% in Bankruptcies from 2019 to 2020, with A Total of 14,730 Bankruptcies.
Ohio had fewer bankruptcies in 2020 than in 2019. A total of 14,730 bankruptcies were filed, which is a 27% decrease.
The majority of individuals filing for bankruptcy chose Chapter 7 (44%) or Chapter 13 (41%), with fewer selecting Chapter 11 (10%) or Chapter 12 (5%). The most common reason for bankruptcy wasn’t mentioned.
The Distribution of Bankruptcy Filings in Northern Ohio in 2021 Saw the Majority Being Chapter 7 and Chapter 13, Followed by Chapter 11 and Chapter 12.
In 2021, the distribution of bankruptcy filings in Northern Ohio saw the majority of cases being filed under Chapter 7 (44%) and Chapter 13 (41%), followed by Chapter 11 (10%) and Chapter 12 (5%).
These percentages are similar to the national averages. The highest number of filings were from individuals under 30 years old, with 30% of all consumer bankruptcies being filed by this
Chapter 7 allows for the elimination of most debts without repayment while Chapter 13 offers a payment plan to help individuals pay off their debt over three to five years.
In Ohio During 2021, Medical Debt Was the Most Frequent Cause of Bankruptcy (58%), Followed by Credit Card Debt (24%).
In Ohio, in 2021, medical debt was the most frequent cause of bankruptcy (58%), followed by credit card debt (24%). This is a significant issue in the state, as medical bills are often very expensive and can quickly accumulate to an unmanageable level.
Credit card debt can easily spiral out of control due to high-interest rates and fees. The remaining 18% of bankruptcies in Ohio were caused by other types of debt, including student loans, mortgages, and automobile loans.
The Amount of Bankruptcy Filings in Southern Ohio Saw a Decrease of 13.9% Between 2021 and 2022.
The number of bankruptcy filings in Southern Ohio saw a decrease of 13.9% between 2021 and 2022. This is likely due to the implementation of the federal CARES Act, which provided stimulus payments, suspended student loan payments, and increased unemployment benefits.
These measures helped many individuals stay afloat financially during this period and avoid filing for bankruptcy.
Ohio state legislators have implemented various forms of assistance for those struggling with debt, such as debt counseling and consumer credit education.
As of 2021, Ohio's Bankruptcy Rate Ranks 14th Highest in The United States.
As of 2021, Ohio’s bankruptcy rate ranks 14th highest in the United States. This is higher than the national average as well as the averages of many other states.
The state has seen a decrease in bankruptcies over the past few years, but it still remains one of the highest in terms of filings.
A Total of 12,037 Bankruptcy Filings Were Recorded in Southern Ohio in The Year 2020.
In 2020, a total of 12,037 bankruptcy filings were recorded in Southern Ohio. This is an 11.6% decrease from the year prior.
The majority of these filings were for individuals (87%) while businesses accounted for the remaining 13%. Of the individual filings, Chapter 7 accounted for 44% and Chapter 13 accounted for 41%, with Chapter 11 and Chapter 12 accounting for 10% and 5%, respectively.
The Number of Registered Chapter 13 Bankruptcies in Southern Ohio Decreased by 49% from 2019 to 2022.
The number of registered Chapter 13 bankruptcies in Southern Ohio decreased by 49% from 2019 to 2022.
The probable cause of this is the execution of the federal CARES Act, which offered stimulus payments, deferred student loan payments, and raised unemployment benefits for individuals heavily impacted by the pandemic.
Ohio state legislators have implemented measures to assist individuals struggling with debt, including debt counseling and consumer credit education, helping them avoid bankruptcy and stay financially afloat during this period.
References
[1] Court Statistics | Northern District of Ohio | United States Bankruptcy Court. (2023, June 12). Court Statistics | Northern District of Ohio | United States Bankruptcy Court. https://www.ohnb.uscourts.gov/court-info/court-stats
[2] Medical debt relief: A promising tactic, but deeper change needed | Policy Matters Ohio | January 24, 2023. (n.d.). Medical Debt Relief: A Promising Tactic, but Deeper Change Needed | Policy Matters Ohio | January 24, 2023. https://www.policymattersohio.org/blog/2023/01/24/medical-debt-relief-a-promising-tactic-but-deeper-change-needed
[3] Statistics | Southern District of Ohio | United States Bankruptcy Court. (n.d.). Statistics | Southern District of Ohio | United States Bankruptcy Court. https://www.ohsb.uscourts.gov/statistics
[4] Personal bankruptcy rate by county U.S. 2021 | Statista. (n.d.). Statista. https://www.statista.com/statistics/1118386/bankruptcy-filings-us-personal-rate-county/
