How many businesses in the U.S. filed for bankruptcy this year? Is the amount of loss large?

A total of 424 large American companies filed for bankruptcy in the United States this year, of course, this is only a statistical number, and there are other private companies that are not on record, which can be described as heavy losses, with a preliminary estimate of at least $46.7 billion.

Tens of thousands of businesses in the United States have announced their closures due to the pandemic, accelerated by high rents and lack of orders, and countless amounts of damage have been made.

Hundreds of enterprises in the United States have filed for bankruptcy this year, with losses of hundreds of millions, which is very detrimental to the development of the American economy and is tantamount to adding insult to injury!

There are more than 400 enterprises in the United States, and there are bankrupt and bankrupt, 331 yuan.

U.S. individuals can file for bankruptcy.

Bankruptcy under Chapter VII of the U.S. Bankruptcy Code is what most people mean when they say "I file for bankruptcy" and is a type of liquidation bankruptcy, that is, all non-exempt assets owned by the bankruptcy trustee ** debtor in order to repay the debt to the maximum extent possible.

Title 12 bankruptcy under the U.S. Bankruptcy Code is reserved for the farmer, who still owns and controls his assets and works with creditors to repay the debt.

Title 13 bankruptcy under the U.S. Bankruptcy Code is similar to Chapter 11, except that it only applies to individuals. The debtor still owns and controls his assets, but he must have a plan in place to pay off the debts within three to five years.

Since the outbreak of the new crown epidemic in the world in 2020, all walks of life have been affected to varying degrees. At present, the new crown epidemic in China has eased somewhat, but the new crown epidemic in the United States is still getting worse. Since the outbreak of the new crown epidemic in the United States, thousands of its companies have embarked on the path of bankruptcy and liquidation, with the largest number of bankruptcies in the consumer industry, energy companies and tourism-related enterprises.

1. At present, the epidemic situation in the United States has been recently, and the new crown epidemic in China has been basically controlled, and people's basic lives have not been affected. However, the current situation of the new crown epidemic in the United States is still very serious, according to the latest data, the number of confirmed new crown virus in the United States has reached 7.7 million, which is huge, accounting for a large part of its entire population.

2. Many enterprises apply for bankruptcy Under the influence of the new crown epidemic, many enterprises have difficulty surviving and have to file for bankruptcy, not to mention some small and medium-sized enterprises, some large enterprises have applied for bankruptcy liquidation. For example, the old American clothing company Booker Brothers, the large department store Lord Taylor department store, and its energy industry bigwigs are also full of holes, and they are also heavily indebted since the epidemic, not to mention the tourism industry. Under the epidemic situation, tourism is basically impossible, so it goes without saying that for those enterprises supported by tourism.

3. If measures are not taken to control the epidemic, its economy will continue to declineEconomists point out that as the epidemic continues to expand, optimism about the economy and the survival of industries such as retail are being tested every day. In other words, if the new crown epidemic is not effectively controlled, its economy should continue to decline. But as far as the current situation is concerned, the new crown epidemic has not eased, and the number of confirmed cases is still increasing, so its economy is not out of danger.

3. Overall, it's been a cold winter for U.S. businesses. Finally, this is a cold winter for these companies in the United States, because the United States is already a highly indebted country. If the people do not have a relatively stable income, many residents will file for bankruptcy, so the social crisis is also very serious.

Among them, some export-oriented enterprises are the most, because their main business is exporting, but because of the decline in the export share of the epidemic, their income has been greatly affected, and now they have to file for bankruptcy.

There are mainly enterprises in the catering and tourism industries. This is because the pandemic has caused fewer people to go out, which has led to a precipitous decline in the number of customers in the restaurant and tourism industries.

Consumer, industrial and energy companies account for the majority of bankruptcy filings. Because of the impact of the epidemic, Americans' consumption is decreasing, and the number of tourists is also decreasing, and the balance of income and expenditure will lead to bankruptcy.

It has an impact, but it can be reversed.

It is important to know that the purpose of bankruptcy law is to get people out of serious debts and start a new life, not to deprive the applicant of something. It is true that filing for bankruptcy will have a certain impact on people's reputation, but this impact is not irreversible, and reputation can be re-established. As long as the applicant pays various bills and arrears on time in the future, the credibility can be slowly restored.

If you have a good track record since bankruptcy, you will be able to see it from those who are interested in your past credit history.

At the same time, it is necessary to make a strict distinction between those who go bankrupt during the economic crisis and those who abuse the bankruptcy process to evade their debts.

The people who file for bankruptcy in the midst of an economic crisis are determined by the overall environment and are difficult to avoid.

A person who abuses the bankruptcy procedure to evade debts is a person who has fallen into a debt crisis because of his own wanton profligacy or other reasons, and just wants to use the bankruptcy procedure to escape debts.

The subjective elements of these two types of bankruptcy applicants are completely different. For those who apply for bankruptcy because of the economic downturn, there is really no way to file for bankruptcy, do not be too ashamed of their bankruptcy, in fact, in the eyes of modern people, personal bankruptcy is not a very shameful thing, but a relatively normal thing, especially in the current recession under the general environment bankruptcy is very common.

There are also some single people who are afraid that they will file for bankruptcy now, and their spouses will be affected after they get married in the future, and they are even afraid that they will not be able to find a marriage partner after they file for bankruptcy.

Maybe your loan interest rate will be relatively high, or you may not be able to borrow money. If it is true that one spouse has a much better reputation than the other, it is advisable to take out a loan directly in the name of the creditworthy spouse.

If an individual is completely unable to repay the loan and does not want their real estate or other property to be forced to be auctioned, they can try to file for bankruptcy. Know that everyone has a time when there is an economic crisis, and filing for bankruptcy can help you get back on your feet.

As long as you pay your bills on time and maintain your good credit history in the future, the shadow of bankruptcy will soon pass.

Those who may be filing for bankruptcy are reminded to think clearly about whether they want to file for outright bankruptcy under Chapter 7 or personal debt reorganization under Chapter 13.

If you have no income at all, it is advisable to file for outright bankruptcy; If you still have the ability to pay off your debts, then you may want to consider applying for personal debt restructuring.

After the bankruptcy liquidation of the enterprise, there are still debts that should continue to be liable for repayment until the debts are paid off. Bankruptcy estate Priority of liquidation: (1) Bankruptcy expenses:

Bankruptcy expenses include: litigation costs for bankruptcy cases. 2) Common Benefit Debt:

Common benefit debts refer to the debts incurred by Fu Jing for the common interests of all creditors and the smooth progress of the bankruptcy procedure after the people's court accepts the bankruptcy application.

Article 187 of the Company Law stipulates that if the liquidation team finds that the company's assets are insufficient to pay off its debts after cleaning up the company's property and compiling the balance sheet and property list, it shall apply to the people's court for a declaration of broken property in accordance with the law.

While many companies declare bankruptcy every year, this year is the year in which the highest number of companies declare bankruptcy. One is because the epidemic has caused the economy to be sluggish, and the other is that people lack the desire to shop. I have watched many live broadcasts, and many foreign brands cannot flow overseas for goods produced in China, and manufacturers can only give low prices to domestic consumers.

This also shows that everyone has important things, and the most important thing for businesses is to reduce expenses and earn income. However, this year, the epidemic has caused most companies to take very safe measures, and we will see that since the outbreak of the epidemic in the United States, many businesses have taken many measures, and many companies have even declared bankruptcy in order to protect their assets. Today, I would like to introduce you to a few more famous American brands!

They all declared bankruptcy during the pandemic.

The first brand: Artvan

This is the largest furniture retailer in the United States, and since the outbreak of the pandemic, the brand's retail stores have been unattended, and the cost of workers and the production of products is too high, and Artvan, which has been more than 60 years old, has declared bankruptcy. With nearly 200 stores in nine states and a total annual revenue of more than 6 billion yuan a year, no one thought that a furniture retailer would declare bankruptcy.

The second brand: GNC

As long as you focus on healthy food, you will know this brand. The brand is dedicated to the work of healthy food, and the brand has many fans at home and abroad. However, this year, the epidemic has caused consumers to have little desire to buy, and the brand cannot support the huge store expenses, so it declared bankruptcy.

Whether in the United States or other countries, there are always some established companies and companies that have declared bankruptcy due to the epidemic. Each of us is a social animal, and the bankruptcy of these brands is a good example of the many ripple effects of an economic downturn. Hopefully, these brands will be able to reopen for business.

After all, the charm of the old brand is higher than that of the new brand.

According to S&P Global Market Intelligence, as of Oct. 4, 504 large-scale companies in the United States have filed for bankruptcy this year. Consumer, industrial and energy companies account for the majority of bankruptcy filings. Data as of the end of August showed that the number of companies with assets of more than $1 billion filed for bankruptcy this year reached 46.

The top four U.S. giants filing for bankruptcy are Hertz, South American Airlines, Frontier Communications, and Intelsat International. The total liabilities of these four companies alone exceed US$80 billion (about 553 billion yuan).

Hertz Car Rentals, Jesse Penny Group, South American Airlines, Kingjim Fitness Center, Booker Brothers Apparel, Ann Taylor, Whiting Oil, Diamond Offshore Drilling Company, Dragon Star Resources and Retail Ascena have filed for bankruptcy.

As far as I know, the largest furniture retailer in the United States (Artvan), with a history of more than 60 years, has failed to perform since the pandemic, incurred high expenses, and finally declared bankruptcy.