Business Insider reports:

Bankruptcies aren’t just rising — they’re suddenly everywhere.

From billion-dollar giants to mom-and-pop shops to everyday individuals, bankruptcies are piling up across the US this year, with large corporate bankruptcies already hitting their highest level in 15 years.

The surge in bankruptcies highlights the growing financial pressures facing consumers and companies as costs climb amid a tougher borrowing environment.

“Rising costs, tighter credit conditions, and ongoing geopolitical volatility continue to exert pressure on households and businesses already facing financial strain,” Amy Quackenboss, the executive director at the American Bankruptcy Institute, said earlier this month.

Unlike past downturns, this wave of bankruptcies appears to be hitting nearly every corner of the economy. It’s sweeping across a range of sectors in what one veteran bankruptcy attorney described as a strikingly “unusual” pattern. [Continue reading…]