Authored by Naveen Athrappully via The Epoch Times,
A total of 469,719 bankruptcy filings, both individual and commercial, have been filed in the first nine months of 2026.
The total number of filings is up by 11 percent from the same period last year, the American Bankruptcy Institute (ABI) said in an Oct. 8 statement.
Individuals made 444,252 filings in the January to September period, while businesses made 25,467 filings, up by 7 percent.
"The continued increase in bankruptcy filings reflects the strain of higher borrowing costs, rising household expenses, growing consumer delinquencies, and a softer job market," Michael Hunter, vice president of bankruptcy data provider Epiq AACER, said in the statement.
Regarding consumer borrowing costs, the average weekly rate on a 30-year fixed-rate mortgage is at the highest level in roughly three years. The credit card interest rate has been above 20 percent for more than three years.
Joelle Scally, economic policy adviser at the New York Federal Reserve, said in an Aug. 11 statement from the bank that new consumer delinquencies for credit cards and auto loans "remain at elevated levels."
As for the job market, the United States added fewer jobs than expected in September.
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