Introduction
U.S. corporate bankruptcy activity ran hot in 2024, but the headline number depends on who is counting. One source counts every court filing. Another counts only commercial Chapter 11 cases. A third tracks large companies that meet an asset threshold.
This article covers U.S. corporate filings and notable companies that filed during calendar year 2024. It is not a list of every consumer or small-business case.
Below you'll find the verified filing statistics, a status snapshot of prominent debtors, the pressures behind the year's filings, and a practical way to check any bankruptcy number you come across.
Key Takeaways
- Commercial filings hit 30,009 in 2024, up 17%, with commercial Chapter 11 filings up 20% to 7,879.
- A filing is not a closure: Chapter 11 can end in restructuring, a sale, emergence, or liquidation.
- Consumer discretionary, industrials, and healthcare drove much of the tracked large-company activity.
- A list of notable bankruptcies is not a complete database, and company status changes after the petition date.
What the 2024 U.S. Bankruptcy Statistics Show
The Main Filing Counts
Epiq AACER reported 508,758 total bankruptcy filings in calendar 2024, up 14% from 445,286 in 2023. That figure includes consumer cases, so it says little about corporate distress on its own.
The commercial slice is much smaller:
- Commercial filings: 30,009, up 17% from 25,731
- Commercial Chapter 11 filings: 7,879, up 20% from 6,583
- Subchapter V elections: 2,381, up 32% from 1,808
- Derived non-Subchapter V Chapter 11 filings: about 5,498 (commercial Chapter 11 minus Subchapter V elections; not a published Epiq number)
Check the methodology before adding Chapter 11 and Subchapter V figures together. Subchapter V is an election within Chapter 11, so the totals may already overlap.
The federal courts publish a different series. U.S. Courts' Table F-2 shows 23,107 business cases commenced in the 12 months ending December 31, 2024: 12,582 under Chapter 7 and 8,456 under Chapter 11. That uses the official business/nonbusiness classification, not Epiq's commercial series.
Large-Company Measures
S&P Global Market Intelligence counted 694 tracked corporate filings for 2024 in one article and 695 in another. Its population includes public companies and private companies with public debt that meet a $2 million asset-or-liability threshold, plus other private companies meeting a $10 million threshold.
Cornerstone Research uses a stricter lens: 113 Chapter 7 or 11 filings by companies with more than $100 million in reported assets over the 12 months through 1H24, versus 105 the year before. That's a rolling period, not calendar 2024.
Chapter 15 is a different animal. It's an ancillary proceeding where a foreign representative seeks U.S. recognition of a foreign case, so it doesn't count U.S.-headquartered operating companies. The cited Epiq release gave no separate Chapter 15 total.
Why Reputable Totals Disagree
- Different case types: all cases, business cases, or only Chapter 7 and 11
- Different periods: calendar year versus rolling 12 months
- Different company size thresholds
- Affiliates filing separate petitions under one jointly administered caption
- Different counting units: petitions, companies, or cases
None of the cited sources publishes a common reconciliation formula, so don't expect the numbers to tie out.
Notable Companies That Filed for Bankruptcy in 2024
This is a selection of prominent debtors, not an exhaustive database. Brand names often differ from the legal debtor in the petition. Red Lobster, for example, is a brand, and the filing involved separate legal entities.
Retail and Consumer Names
| Company | Petition | Documented status |
|---|---|---|
| Joann Inc. | Mar. 18, Del. | Emerged Apr. 30, 2024; filed again Jan. 15, 2025 |
| Express, Inc. | Apr. 22, Del. | Court-supervised sale process; planned to close about 95 stores |
| Red Lobster | May 19 | Exited bankruptcy Sep. 16, 2024 |
| LL Flooring | Aug. 11, Del. | Agreed Sep. 6 to a going-concern sale of 219 stores to F9 Investments |
| Big Lots, Inc. | Sep. 9, Del. | Court-supervised asset-sale process |
| Tupperware Brands | Sep. 17, Del. | Jointly administered; no 2024 main-case exit established |
| True Value | Oct. 14, Del. | Sale to Do it Best completed Nov. 22, 2024 |
| Party City Holdco | Dec. 21, S.D. Tex. | Filing stated an orderly wind-down |
Joann shows why status matters. It emerged in April 2024 and was back in court nine months later.
Healthcare, Transportation, Energy, and Media
| Company | Petition | Documented status |
|---|---|---|
| Audacy | Jan. 7, S.D. Tex. | Prepackaged restructuring; plan-effective date not established |
| Cano Health | Feb. 4, Del. | Emerged as a private company June 28, 2024 |
| Enviva | Mar. 12, E.D. Va. | Emerged December 2024; targeted about $1.0 billion of debt reduction |
| Steward Health Care | May 6 | Petition confirmed; outcome not established |
| Thrasio | Chapter 11 | Announced emergence June 18, 2024 |
| Vyaire Medical | June, Del. | Disclosure statement approved Nov. 14, 2024 |
| Spirit Airlines | Nov. 18, S.D.N.Y. | Prearranged restructuring; no 2024 exit established |
Outcomes vary widely. Enviva and Cano restructured and emerged. Party City headed for wind-down. LL Flooring and True Value pursued sales.
Avoid labeling any of these debtors as "out of business" without confirming the final disposition. Status here reflects cited filings and announcements and can change.
Why Corporate Bankruptcy Filings Increased in 2024
No single cause explains the year. The evidence points to several overlapping pressures.
Rates, Credit, and Lending
The Federal Reserve held its target range at 5.25%-5.50% until September 2024, then cut to 4.25%-4.50% by year-end. Borrowers with floating-rate debt or near-term maturities absorbed prolonged high rates.
Other data complicates the story:
- The Fed reported median interest-coverage ratios flat at moderate levels in 1H24, so rates alone don't explain individual filings.
- S&P's speculative-grade default rate reached 5.13% in 2024, versus 4.48% in 2023.
- In the Fed's October 2024 loan officer survey, a net 13.4% of banks tightened standards for small firms, and loan demand weakened.
Prices, Spending, and Post-Pandemic Shifts
Consumer prices rose 2.9% in the 12 months ending December 2024, while real consumer spending grew 2.8%. Spending held up in aggregate, but retailers and restaurants still struggled with costs and shifting shopping habits.
Company-specific factors mattered too. Store footprints, debt loads, and leases drove many retail cases.
Sector Concentration
S&P reported 199 filings in consumer discretionary and industrials combined (28% of its count) and 65 in healthcare. Cornerstone found companies with more than $1 billion in assets had their highest half-year count since 2020.
Legal and Strategic Timing
Companies also choose when and how to file. Common structures include:
- Prepackaged plans, such as Audacy
- Section 363 sales and stalking-horse bids, such as LL Flooring and True Value
- Creditor negotiations under litigation pressure
- Going-concern sales that preserve value over liquidation
Cornerstone also counted a record 46 completed out-of-court liability-management transactions in 2024. Those deals add context without explaining any single filing.
How to Read and Verify Bankruptcy Statistics
A Source Hierarchy
- Court dockets and petitions for case facts, via PACER
- Epiq AACER or similar datasets for filing totals
- Specialist research firms for large-company classifications
- Company announcements and SEC filings for post-filing outcomes
A Quick Checklist
Before trusting a number, ask:
- What geography and time period does it cover?
- Which debtor type and chapter?
- What asset threshold applies?
- Does it count petitions, companies, or cases?
- Are affiliated cases grouped together?
Debt and asset thresholds can change mid-year, which is why the checklist questions matter. Subchapter V’s debt ceiling was $7.5 million until June 21, 2024, then reverted to $3,024,725. Use the limit in force on the filing date.
Where BankruptcyData Fits
BankruptcyData, a Massachusetts-based provider founded in 1986, tracks U.S. bankruptcy activity across more than 600,000 records spanning 45+ years. Its platform combines distress signals, filings, court activity, stakeholders, restructuring milestones, and historical outcomes in one system.
Law firms, distressed investors, restructuring advisors, credit teams, academic researchers, and data vendors can use it for monitoring, benchmarking, and licensed data feeds. It is a research tool, not legal, financial, or investment advice.
Frequently Asked Questions
What types of debt cannot be forgiven in Chapter 7?
Under 11 U.S.C. 523, some debts may be excepted from discharge, including certain taxes, domestic support, specified education loans, and debts tied to fraud or willful injury. Consult a qualified bankruptcy professional for your case.
How much money can you have in your bank account when you file Chapter 7?
There's no single nationwide limit. Exemptions depend on state or federal law, household circumstances, income, and assets. A bankruptcy professional can tell you what applies to you.
Can you get an 800 credit score after Chapter 7?
Chapter 7 can materially affect your credit history, and the CFPB says bankruptcy information may stay on a report for up to 10 years. Rebuilding is possible over time, but no score or timeline is guaranteed.
Which companies are currently facing bankruptcy?
"Currently" changes constantly, so a static 2024 list won't answer it. Check active dockets, company filings, or a live U.S. source such as BankruptcyData.
Is there a list of bankrupts?
Lists of notable bankrupt companies exist, but they aren't comprehensive case records. Confirm whether a list covers corporations, individuals, public companies, or all commercial filings.
Which companies have gone out of business in the last 10 years?
Bankruptcy and closure are different outcomes. Check the final court disposition, liquidation or sale documents, and reliable business reporting before calling a company permanently closed.
