Bankruptcy filings in the United States increased over the past year among both individuals and businesses, according to the Administrative Office of the U.S. Courts.
“Annual bankruptcy filings totaled 486,613 in the year ending June 2024, compared with 418,724 cases in the previous year,” reads a July 25 news release.
This is a 16.2 percent jump over the previous year. While personal bankruptcy filings increased by more than 15 percent, business filings jumped by more than 40 percent. Filings have increased every quarter since June 2022, it said.
While some prominent retailers such as Rue21 have cited “inflation and macroeconomic headwinds” as reasons for filing bankruptcy, others such as Stop & Shop have pointed to “underperforming stores.” Connecticut-based Bob’s Stores said it faced difficulties to “secure the finances needed to maintain operations.” […]
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