A highly studied phenomenon within the business environment is bankruptcy in organizations. However, an area in which this status has been less related is the quality of financial information reported by companies. Accordingly, the objective of this research is to analyze the relationship between bankruptcy risk and earnings management practiced by public companies in Mexico. Analyzing a universe of 145 companies and taking as a sample a total of 86 companies that were listed on the Mexican Stock Exchange during the 2014-2018 period, a quantitative, longitudinal, and causal study was developed, collecting data from secondary sources such as Bloomberg and annual reports of companies on their websites. A Generalized Least Squares regression panel was performed with the support of STATA 12. The results show that the increase in earnings management increases the risk of bankruptcy in the companies in the sample of this study. It is concluded that, when managing the earnings of the companies of the Mexican Stock Exchange, their risk of bankruptcy may increase and represent a serious problem for their stakeholders.