5 July 2023
U.S. Chapter 11 bankruptcy filings surge by 68% in H1 2023, driven by high interest rates and inflation. SVB Financial Group, Envision Healthcare, Bed Bath & Beyond, and others succumb to rising debt and borrowing costs. The Federal Reserve’s 10 consecutive rate hikes increase borrowing expenses. Commercial Chapter 11 bankruptcies reach 2,973, up from 1,766 last year. Individual Chapter 13 filings rise by 23%, and small business bankruptcies soar by 55%. The economic outlook remains challenging for businesses and individuals.