Financial experts say the increase does not necessarily signal a weakening economy.
More Americans are turning to personal bankruptcy as mounting debt, elevated borrowing costs, and the expiration of pandemic-era financial assistance continue to strain household finances, according to new federal court data, NPR reports.
More than 574,000 personal bankruptcy cases were filed during the 12-month period ending March 31, according to the Administrative Office of the U.S. Courts. That marks a nearly 12% increase from the previous year and almost a 50% jump compared with three years earlier, though filings remain below pre-pandemic levels.
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