According to a report published on the United State Courts website on October 26, 2023, which can be found here (https://www.uscourts.gov/news/2023/10/26/bankruptcy-filings-rise-13-percent), “[t]otal bankruptcy filings rose 13 percent, and business bankruptcies rose nearly 30 percent, in the twelve-month period ending Sept. 30, 2023. “
The number of filings is still significantly lower than their peak in September 2010, when nearly 1.6 million cases were filed.
The increases in filings have been attribute to economic uncertainty, the cessation of Covid-related subsidies, loans and similar programs, higher borrowing costs amid a record interest rates, and high inflation.
It also reflects a lack of optimism on the part of distressed businesses and individuals that relief is around the corner.