As if hurricanes don’t already cause enough destruction, experts see these wicked storms adding more fuel to the ongoing rise in bankruptcies.

According to data provided by Epiq AACER on Monday, total bankruptcy filings through the first three quarters of the year rose 15% year-over-year to 383,182, up from the 332,213 total filings during the same period a year ago.

Epiq reported total individual filings also registered a 15% increase year-to-date to 360,632 filings, up from the 313,439 filings during the first nine months of 2023.

The 143,177 individual Chapter 13 filings in the first nine months of this year represented a 9% rise above the 131,230 filings during the same period a year ago.

Experts added individual Chapter 7 filings jumped 19% to 216,831 from the 181,703 filed in the first nine months of last year.

In the business world, Epiq said overall commercial filings came in at 22,550 for the first nine months of 2024, representing a 20% increase from the commercial filing total of 18,774 during the same period in 2023. Small

Experts pointed out the 6,067 total commercial Chapter 11 bankruptcies filed during the first nine months of this year represented a 36% increase over the 4,561 filed during the same period in 2023.

“As we close out the third quarter in 2024, we continue to see a steady increase in both individual and commercial filings this year to date. The recent Fed rate cut (and signal for further cuts) spurred by slowing job gains and an increase in the unemployment rate leads me to believe the steady increase in those seeking bankruptcy protection will continue through 2024 and into 2025,” said Michael Hunter, vice president of Epiq AACER.

“The recent devastation from Hurricane Helene in the Southeast, current geopolitical conflicts and a potential for large supply chain impacts (duration of strike) will all influence bankruptcy volumes in the months ahead,” Hunter continued in a news release.

Looking solely at the close of the third quarter, Epiq determined 42,532 total bankruptcy filings were completed in September, marking a 14% increase from the 37,360 cases filed last September.

Experts said total individual filings were also up 14%, to 40,110 from 35,135.

The 24,096 individual Chapter 7 filings in September represented a 22% jump over the 19,789 filings last September.

Epiq added individual Chapter 13 cases ticked up 4% in September to 15,946 from 15,287 during the same month last year.

“As filings steadily increase toward pre-pandemic levels, potential economic challenges continue to mount for distressed consumers and businesses,” American Bankruptcy Institute executive director Amy Quackenboss said.

“Amid the resumption of student loan payments, renewed concerns regarding supply chains and growing geopolitical tensions, bankruptcy provides the opportunity for a fresh start for financially overwhelmed families and companies,” Quackenboss went on to say.