US bankruptcies have surged to the highest level since 2010, with 570 large bankruptcy filings year-to-date. This marks the highest number since the aftermath of the 2008 Financial Crisis. In the past three months alone, the filings have spiked, with 60 in October, 59 in September, and 63 in August.
The rise is attributed to a combination of high interest rates, ongoing supply chain disruptions, and weakening consumer spending. Major companies like Spirit Airlines and Northvolt have filed for bankruptcy as economic pressures continue to mount. This surge includes both personal and business bankruptcies, with notable increases in Chapter 7, Chapter 13, and Chapter 11 filings.
Bankruptcies have spiked across various sectors, especially in consumer discretionary, healthcare, and industrials, as companies and individuals struggle to restructure or liquidate their debts under growing financial strain.
🚨US BANKRUPTCIES HIT THE HIGHEST LEVEL IN 14 YEARS🚨
US large bankruptcies hit 570 year-to-date, the most since since 2010, a year after the Financial Crisis.
In October, September and August 60, 59 and 63 filings were recorded, respectively.
Bankruptcies are at crisis levels pic.twitter.com/8lodOm9WHx
— Global Markets Investor (@GlobalMktObserv) November 17, 2024
Sources:
US Courts: https://www.uscourts.gov/news/2024/07/25/bankruptcy-filings-rise-162-percent
Bankruptcy Watch: https://www.bankruptcywatch.com/statistics
S&P Global Market Intelligence: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-corporate-bankruptcies-in-june-reach-highest-monthly-level-since-early-2020-82297569