Bankruptcies have been brisk this year — and it’s just the halfway point
Americans were filing for bankruptcy much more in the first half of 2023 than they were at the same point last year, according to new numbers showing the increase in financial strain for some as pandemic protections fade away.
Individuals and businesses filed more than 217,000 bankruptcy cases through June, said Epiq Bankruptcy, a legal data provider, and the American Bankruptcy Institute, an association for lawyers, judges and others working in the bankruptcy field. Bankruptcy is a way to get a fresh financial start for people who are struggling to repay their debts.
In 2020, there were nearly 545,000 new bankruptcy cases and in 2021 there were approximately 413,000 cases, according to the American Bankruptcy Institute. Last year, there was roughly 387,000 cases. To be sure, the job market has rebounded from the pandemic’s sharp, short drop three years ago. The next peek at the market comes with the June jobs report on Friday.
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