Bankruptcies are rising for the first time in years as more Americans feel the pressure of declining economic conditions without the reprieve of President Joe Biden’s COVID-19 pandemic-era aid programs.
Americans filed more than 39,000 personal bankruptcy cases in August 2023, up 18% year-over-year, with bankruptcies beginning to spike after reaching record lows in 2021 and 2022, with the number of filings rising for all chapters for the first time year-over-year since 2010, according to data from the U.S. Courts. The number of bankruptcies is rising as Americans are increasingly burdened by high interest rates and falling real wages, while the COVID-19 pandemic stimulus and programs that were buoying Americans with debt begin to lose effect, according to experts who spoke to the Daily Caller News Foundation.
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