Every year-over-year comparison made by bankruptcy experts after reviewing filing data through the first three quarters of this year showed an increase.

According to data provided by Epiq Bankruptcy, total individual filings registered through the first nine months of the year increased 17% to 313,458 filings. That’s up from the 268,884 filings completed during the first nine months of 2022.

Epiq reported the 131,236 individual Chapter 13 filings through Q3 represented a 19% increase over the 110,186 filings during the same period in 2022.

Experts also said individual Chapter 7 filings increased 15% to 181,719 from the 158,178 filed in the first nine months of 2022.

“While still below pre-pandemic levels, the numbers of filings demonstrate the difficult challenges and growing debt loads that financially distressed families and businesses are facing in this current economic environment,” American Bankruptcy Institute executive director Amy Quackenboss said in a news release.

“Struggling individuals and companies have an established lifeline through bankruptcy to help steady themselves amid rising interest rates, inflation and increased borrowing costs,” Quackenboss continued.

Similar rises happened in the commercial bankruptcy segment, too.

Epiq reported the 4,553 total commercial Chapter 11 bankruptcies filed during the first nine months of the represented a 61% increase over the 2,837 filed during the same period in 2022.

Experts pointed out small business filings — captured as subchapter V elections within Chapter 11 — totaled 1,419 in the first nine months of 2023, a 41% increase from the 1,009 elections during the same period in 2022.

Epiq also mentioned overall commercial filings registered 18,680 for the first nine months of 2023, representing a 17% increase from the commercial filing total of 15,955 during the same period in 2022.

All told, complete bankruptcy filings came in at 332,138 during the first nine months of 2023, also a 17% increase from the 284,839 total filings during the same period a year ago.

“While year-over-year bankruptcy filings increased across the board during the first nine months, comparing 2023 second and third quarters provides a different perspective where shorter term indicators were mixed,” said Gregg Morin, vice president of business development and revenue at Epiq Bankruptcy.

“Total quarter three filings were up two percent over quarter two, all commercial chapters were down one percent, and all individual chapters were up two percent, compared to the prior quarter-over-quarter period where all chapters increased in filing volume,” Morin continued.

Looking solely at September data, Epiq reported all chapters jumped year-over-year, as well.

The 37,327 total bankruptcy filings marked an increase of 12% from the 33,210 filed in September 2022.

Total individual filings rose 13% to 35,138 from 31,188.

The 19,793 individual Chapter 7 filings in September increased 14% over the 17,320 filings in September of last year.

Individual Chapter 13 were up 11% in September 2023, rising to 15,285 from 13,819 the previous year.

ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers and members of the news media.