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US Bankruptcy Filings Surge in 2023, Expected to Continue in 2024
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US bankruptcy filings surged by 18% in 2023, driven by higher interest rates, tougher lending standards, and the runoff of pandemic-era backstops. Commercial Chapter 11 business reorganization filings increased by 72%, while consumer filings rose by 18%. The rise in bankruptcy case counts is expected to continue in 2024, albeit still below the 2019 pre-pandemic level.
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How have higher interest rates contributed to the surge in bankruptcy filings?
What are the potential economic consequences of the rise in bankruptcy cases?
What measures can be taken to mitigate the impact of bankruptcies on the economy?
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