Bankruptcy filings by commercial entities grew by more than a third this year as businesses struggled under an environment of high costs and interest rates, according to the American Bankruptcy Institute (ABI).
A total of 3,016 commercial Chapter 11 bankruptcies were filed in the January–June period this year, up 34 percent from last year, said a July 3 ABI press release. Small-business filings rose by 61 percent. Total bankruptcy filings rose by 15 percent, with individual filings increasing by 15 percent.