US bankruptcy filings on pace to reach highest level since 2020
US bankruptcy filings are picking up steam after a two-year decline.
According to a report released by S&P Global Market Intelligence, there were 591 bankruptcy filings as of Nov. 30 this year, just behind 2020’s tally of 603 in the same period. By comparison, there were 367 filings at this point in 2021 and 325 in 2022.
Arizona State University law professor Laura Coordes attributed the 2023 increase to higher borrowing costs and the end of federal stimulus checks. She pointed out that in 2021 and 2022, government aid was still “circulating in the economy.” That has changed.
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