US Bankruptcies Rise in Q3, Putting 2023 on Track for Worst Year Since 2010 Recession

U.S. corporate bankruptcies continued to increase in Q3 2022, putting 2023 on pace to be the worst year since 2010.

There were 182 bankruptcy filings in Q3, up from 157 in Q2. The total for 2023 so far is 516.

In 2020, there were 518 filings through Q3, so 2023 is on a similar pace as the pandemic year 2020.

SmileDirectClub's $1B+ bankruptcy was the biggest of Q3. No other billion-dollar bankruptcies occurred.

Rising interest rates and recession fears are pressuring lower-rated companies, while higher-rated firms locked in lower rates.