US bankruptcy filings rose 11% in 2025 compared to 2024, reaching multi-year highs driven by persistent inflation, high housing costs, and record consumer debt. Total credit card balances hit $1.233 trillion in Q3 2025, the highest since the New York Fed began tracking in 1999. David I. Pankin, Esq., a prominent New York City bankruptcy attorney, noted that financial strain is becoming more widespread and urged those struggling to explore legal options.

Bankruptcy statistics for February 2026

The American Bankruptcy Institute (ABI) reported significant increases in February 2026 compared to February 2025. Total filings across all chapters reached 45,891, a 14% rise. Commercial Chapter 11 filings surged 67% to 814, while total commercial filings increased 21% to 2,666. Subchapter V small business elections jumped 91% to 314. Individual filings rose 13% to 43,225.

Annual filing trends

Total bankruptcy filings for the year ending March 31, 2026, reached 591,655, up from 528,804 in the prior year. This represents a continued upward trend from 467,555 filings in the year ending March 31, 2024, and 403,168 in the year ending March 31, 2023. The lowest figure in the five-year period was 395,287 for the year ending March 31, 2022.

Legal perspective

David I. Pankin, P.C., a New York City bankruptcy law firm, attributed the rise in filings to record credit card debt, high housing costs, and relentless inflation. Attorney David Pankin stated that bankruptcy is a legal right rather than a failure and emphasized the importance of evaluating individual cases to identify the most effective path to relief. The firm handles Chapter 7, Chapter 13, and Chapter 11 bankruptcies for individuals and businesses across the New York metropolitan area.

US industrial production expanded by a modest 0.1% on a month-on-month basis in May, falling well short of analyst expectations and signalling a considerable slowdown from the prior period's pace. The latest reading came in below the consensus estimate of 0.3% and represented a sharp deceleration compared to the 0.7% growth recorded previously.

Key Data at a Glance

The following table summarises the May industrial production figures against estimates and the prior period:

Performance in Context

The May reading of 0.1% represents a significant step down from the 0.7% growth registered in the previous period, marking a decline of 0.60 percentage points on a sequential basis. The actual figure also missed the market consensus estimate of 0.3% by 0.20 percentage points, underscoring the weaker-than-anticipated momentum in US industrial activity during the month.

The deceleration in industrial production growth is a key data point for assessing the health of the broader US manufacturing and industrial sector, as the indicator tracks output across manufacturing, mining, and utilities segments.