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Bankruptcy Filings Jumped in 2024: Are You at Risk of Filing?


Published on 2025-01-16 18:40:49 - AOL
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  • Many Americans are struggling financially, despite what their social media highlights show. According to the most recent federal statistics, bankruptcy filing surged by a total of 16.2%

The article from AOL Finance discusses a significant increase in bankruptcy filings in the U.S. during the first quarter of 2024, with a 13% rise in commercial Chapter 11 reorganizations and a 16% increase in consumer filings compared to the previous year. This surge is attributed to several factors including high interest rates, persistent inflation, and the end of various financial support programs that were in place during the economic recovery from the global health crisis. The article highlights that small businesses, particularly in retail and hospitality sectors, are feeling the brunt of these economic pressures. Additionally, consumer debt levels have risen, with credit card and auto loan delinquencies reaching levels not seen since before the financial crisis. The piece also notes that while bankruptcy can offer a fresh start, it comes with long-term credit implications, and suggests that individuals and businesses should seek financial advice to navigate these challenging economic conditions.

Read the Full AOL Article at:
[ https://www.aol.com/finance/bankruptcy-filings-jumped-2024-risk-220405796.html ]
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