More Americans are going bankrupt. What does that mean?
Personal bankruptcy filings in the U.S. have surged by nearly 50% over the last three years, signaling increased financial strain on American households. Experts suggest that the stigma surrounding bankruptcy is fading as more people struggle with debt obligations.
Why it matters
The rise in bankruptcies serves as a key economic indicator of consumer financial health and the impact of broader economic pressures.
Rebecca Lessley felt embarrassed when she filed for bankruptcy this month. Then she saw how many of her friends had already done it.
Lessley's troubles began three years ago, when she lost her job the same month she bought her Oklahoma City house. By the time she got a new job in social work, she had a pile of debt that was growing beyond what she could control.
National As many are priced out of buying, the renter-owner wealth gap is wider than ever Business Largest housing affordability bill in decades becomes law without Trump's signature She recently made a Facebook post asking her friends for bankruptcy lawyer recommendations. Within an hour, four or five people messaged her with recommendations.
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