What percentage of bankruptcy claims are typically filed under Chapter 7?

Chapter 7 bankruptcy is a common form of bankruptcy that allows individuals to discharge most of their unsecured debts, providing them a fresh start financially. Typically, a significant majority of personal bankruptcy filings are made under Chapter 7 due to its straightforward and relatively quick resolution process. Research and statistics have shown that around 60% to 70% of all consumer bankruptcy claims filed fall under Chapter 7. While various sources may present slight variances, the data generally supports that approximately 70% is a widely accepted figure, making it the most accurate choice among the options provided.

This high percentage reflects the common use of Chapter 7 for individuals facing overwhelming debt that they cannot repay. The simplicity and effectiveness of the Chapter 7 process contribute to its popularity compared to other chapters, such as Chapter 13, which involves a repayment plan. Thus, the choice indicating 70% aligns well with current statistics on bankruptcy filings.