Consumer bankruptcies increased during August in another sign that financial distress is growing for many people.
Consumer bankruptcies steadily increased during August in another sign that financial distress is increasing for many people.
There were more than 41,600 new bankruptcy cases filed last month, including businesses filing for bankruptcy in order to manage their debts. That’s also up approximately 18% from last August, Epiq’s data showed.Bankruptcy cases plunged during the pandemic. It usually takes several years of struggling with debt and a serious life event — like potential eviction or medical issues — for many consumers to file for bankruptcy, experts say.
Even as some experts say the economy has managed to avoid a downturn, the new bankruptcy statistics may worry others.While credit-card debts are climbing, more people are struggling to stay current.
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