Bankruptcy Filings on the Upswing in 2023

If you’ve read my blogs in the past 3 years, you’d know that bankruptcy filings have decreased significantly since the beginning of the COVID-19 pandemic.

As of January, 2023, that downward trend seems to be slowing down, and potentially even reversing. January, 2023, marks a number of significant statistics:

·        Since the pandemic started (March, 2020), only 4 months have had higher filings than its prior years’ counterpart:
November, 2021: 728 cases filed (vs November, 2020: 686 --- 6.1% increase)
September, 2022: 712 (vs September, 2021: 701 --- 1.5% increase)
December, 2022: 662 (vs December, 2021: 632 --- 4.7% increase)
January, 2023: 616 (vs January, 2022: 549 ---12.2% increase)

·       January, 2023, marked the biggest year-over-year (Jan ’23 vs Jan ’22) increase – 12.2% - in bankruptcy filings since the pandemic started (see above).

·       January, 2023, marked the first time year-over-year filings had increased in back-to-back months since the pandemic started (December 2022 & January 2023 were each higher than their prior year’s counterpart).

·       Since the pandemic, only 4 months have seen increased filings year-over-year (as shown above above), and 3 of those 4 have been in the past 5 months.

To me, the trend in the past 5 months indicates bankruptcy filings are either (1) leveling out at the bottom, or (2) beginning an upward trend. Time will tell.

As I always say: You’re already in the situation you’re in; Bankruptcy is the way out of that situation – bankruptcy is the tool that can get you a fresh start.

Don’t wait any longer – contact a bankruptcy lawyer to find out how a bankruptcy can help you out of your tough situation. Call/text/email me, Lucas Ruffing, to set up a FREE consultation.

Thanks for Reading,

Lucas Ruffing
Attorney
740-815-1114 (call/text)
LucasRuffingLaw@gmail.com (Email)