Bankruptcies are up 61% for business — and up 15% for individuals — as millions of Americans unburden their life savings.

by
Sharing is Caring!

The American economy is sounding alarm bells as a dramatic surge in commercial bankruptcies paints a troubling picture for the future. In the first half of 2024, subchapter V elections within Chapter 11—specifically designed for small businesses—have skyrocketed by a staggering 61% compared to the same period last year. This surge is more than just a statistic; it’s a harbinger of distress that should send shockwaves through the business community and beyond.

Retail bankruptcies are particularly alarming, with 26 companies filing for bankruptcy year-to-date—almost matching the total number for all of 2023. This marks the third-highest level since 2011, when 30 retail firms declared bankruptcy during the same timeframe. The implications are dire, highlighting an industry in turmoil that could have far-reaching effects on employment and consumer choice.

See also  What is wrong with her? Hillary Clinton just suggested we start JAILING Americans for posting what she calls “misinformation.”

The situation is equally alarming on the individual front, with personal bankruptcies climbing by 15%. This dual crisis reflects the mounting economic pressures faced by both businesses and households, driven by a trifecta of factors: soaring consumer debt levels, elevated interest rates, and relentless increases in living costs. The ramifications of these trends are profound and far-reaching.

See also  Netherlands Approves Ukraine To Use Their Weapons to Attack Moscow

Sources:

themortgagepoint.com/2024/07/03/bankruptcy-breakdown-commercial-individual-bankruptcies-up-in-first-half-of-year/

projects.propublica.org/graphics/bankruptcy-data-analysis

Views: 133

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.