Commercial, individual bankruptcies on the rise across U.S.
By Tom Gantert
The Center Square
https://www.thecentersquare.com/
Commercial bankruptcy filings increased 31% in May 2023 from May 2022, according to a report from a company that tracks bankruptcy filings.
There were 2,324 commercial filings in May 2023 compared to 1,771 registered in May 2022, according to Epiq Bankruptcy.
Total bankruptcy filings were 38,669 in May 2023, a 9% increase from April 2023 and a 23% increase from May 2022.
Commercial Chapter 11 filings had the biggest increase, according to Epiq's news release. Those type of bankruptcies increased from 332 in May 2022 to 680 in May 2023.
According to U.S. Courts, "A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a 'reorganization' bankruptcy. Usually, the debtor remains 'in possession,' has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money. A plan of reorganization is proposed, creditors whose rights are affected may vote on the plan, and the plan may be confirmed by the court if it gets the required votes and satisfies certain legal requirements."
Individual bankruptcy filings increased from 29,559 in May 2022 to 36,345 total filings in May 2023, a 23% increase.
“Rising interest rates, inflation, and elevated costs of borrowing can represent a daunting economic challenge to struggling families and businesses,” American Bankruptcy Institute Executive Director Amy Quackenboss said in a media release. “Amid these sustained economic pressures, bankruptcy provides financially distressed companies and households with access to a release valve.”
Comment
UNACKNOWLEDGED FACTS ARE NOT CONSPIRACY THEORIES
Americans are finally accomplishing some common sense reasoning and realizing the suppression of facts and diversionary tactics of the progressives communists (calling truths "conspiracy theories") are all cogs in the wheel of creeping communism to destroy America.
The progressives tell you that the very real "Great Reset" initiative is a conspiracy theory while the World Economic Forum predicts that by 2030, “You'll own nothing and you'll be happy.”
The dystopian and excessively dramatized COVID-19 lock downs and restrictions enabled a devious transformation.
Forcing COVID-19 lock downs and restrictions upon us to push through this transformation, the great reset is being rolled out under the guise of a ‘Fourth Industrial Revolution’ in which older enterprises are to be driven to bankruptcy or absorbed into monopolies, effectively shutting down huge sections of the pre-COVID economies. Our economies are being ‘restructured’ to eliminate the human workforce. Most work will be performed by AI-driven machines while the jobless will be placed on some kind of universal basic income.
CONSPIRACY THEORIES ARE NOT UNACKNOWLEDGED FACTS
The World Economic Forum does not have a stated goal to have people ‘own nothing and be happy’ by 2030. Its Agenda 2030 framework outlines an aim to ensure everyone has access to ownership and control over land and other forms of property.
•••• Publisher's note: "Everyone has access to ownership" is an interesting objective. It should be preceded by having access to employment and the means to acquire said property sans government interference.
VERBATIM from the WEF'
https://archive.org/details/8-predictions-for-the-world-in-2030
In FACT, “You'll own nothing. And you'll be happy” actually originates, verbatim, from the WEF's “8 Predictions for the World in 2030,” which was taken down from the WEF website sometime between late April and early May of 2023.
WEF hoping the guillible fall prey to demonic scientism (exaggerated trust in the efficacy of the methods of natural science) and communism.
Another FALSE claim story is that “Reuters Fact Check concluded in February 2021, The World Economic Forum does not have a stated goal to have people ‘own nothing and be happy' by 2030.”
Reuters fails to offer the FACT that the WEF partnered with Reuters for exclusive content just one month before that so-called “fact check” was published!
https://archive.org/details/8-predictions-for-the-world-in-2030
The Relief Money Ran Out
Marginal budgets with temporary relief funding finally emptied the cookie jar. More to come.