US bankruptcy filings rise 13% in Sep-Dec 2025

US bankruptcy filings remained elevated at 144,620 cases in the September-December 2025 period.

Data from Thurro’s platform shows the latest quarter saw a modest decline on a sequential basis, but on an annual basis, bankruptcy filings rose 13%. More importantly, the broader trend remains directionally intact, even though the slope moderated in the last quarter. Over the past 12 quarters, filings have recorded double-digit annual growth in all but one quarter: in January–March 2025, when bankruptcy filings grew 9.6%. The curve has been moving upwards since.

Levels remain below the 2016–2020 range, which shows that the system is not operating at pre-pandemic stress levels. However, filings are materially above the 2022 trough and have not stabilised despite easing inflation and steady headline growth.

The sharp dip through 2020–2022 was largely due to unprecedented government stimulus, such as enhanced unemployment benefits, eviction and foreclosure moratoria, and broad loan forbearance, during the pandemic years.

As these support measures expired and the Federal Reserve raised policy rates sharply from 2022 onwards, borrowing costs increased and refinancing conditions tightened. The current levels possibly represent continued normalisation from that suppressed base. The rise over the last few years is, therefore, also seen as a gradual return towards pre-pandemic norms.

For a broader view of the US economic landscape, the Thurro platform also provides access to a wide range of datasets—including CPI, Treasury yields, trade flows, and sector-level business activity such as drugs and pharmaceuticals—available for users to explore.

Cover photo credit: Unsplash

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