According to statistics from the Administrative Offices of the U.S. Courts, the total number of bankruptcy filings increased by 13 percent in the 12 months ending on September 30, 2023. Business bankruptcies during this time increased by approximately 30 percent.
Annual bankruptcy filings were 433,650 as of September 30, 2023, as compared to the 383,810 in September 30, 2022.
Factors contributing to the uptick in filings include rising interest rates and inflation.