The number of bankruptcy filings by small businesses and individuals in the United States has reached a six-year high.

The latest data released by the U.S. judicial system shows that in the first 11 months of this year, the number of cases in which small businesses and individuals in the United States applied for bankruptcy protection through the simplified procedure of the bankruptcy law has exceeded the total number for the whole of last year. This year will be the year with the highest number of such bankruptcy cases in the United States since 2020. Statistics recently compiled by the bankruptcy information service platform under the U.S. Epiq company based on announcements from the U.S. judicial system show that in the first 11 months of this year, the number of cases in which small businesses and individuals in the United States applied for bankruptcy protection through the simplified procedure of Section 5 of Chapter 11 of the U.S. Bankruptcy Code increased by more than 8% year-on-year, reaching 2,221 cases, which has exceeded the total number for the whole of last year. The annual figures for 2023 and 2022 were 1,773 and 1,304 cases respectively.