U.S. bankruptcy filings totaled 51,748 in May, up 7% from May 2025 and the highest May total since 2019. Filings pulled back more than the typical seasonal pattern from April, but the decline understates where the market stands. The filing environment hasn't cooled - it's holding at a level it hasn't occupied in years.

Year-to-date through May, filings are running 12.1% above the same period in 2025. May also came in 24.6% below the pre-Covid monthly average based on the 2017–2019 baseline, a reminder that the market is still climbing back toward historical norms rather than fully operating there.

The chapter mix continued its 2026 trend. Chapter 7 represented 65% of consumer filings in May, up from roughly 61% in January. On the commercial side, Subchapter V jumped 30% year over year, pointing to continued small business pressure that hasn't yet moved the national count in a meaningful way. Chapter 11 was essentially flat, as the consumer story is still driving 2026.

Read the full May 2026 Bankruptcy Insights Report and latest commentary on May bankruptcy filing trends.