Nothing is certain when trying to predict what will happen in the American economy, but research shows that reasonable conclusions can be made by examining specific data points. One potential way to anticipate trends in bankruptcy filings is to see how many people are going online to research debt-relief methods and seeking information from attorneys who can help them.
A report from Business Wire says that bankruptcy inquiries in the United States surged in the first quarter of 2025, reaching their highest levels since the COVID-19 lockdowns five years ago. This spike could signal a potential wave of bankruptcy filings this summer as financially strained households grapple with a range of challenges, such as:
- Credit-card debt and delinquency — Following the heavy-spending holiday season, a report showed that rates of credit-card delinquency have been at their highest levels in more than a decade. In many cases, fees and interest charges associated with high credit-card balances can intensify serious debt problems.
- Mortgage and housing costs — Elevated mortgage rates have made homeownership increasingly difficult for many Americans. For those already struggling with high housing costs, the prospect of rising interest rates only exacerbates financial insecurity.
- Effect of tariffs — The introduction and negotiation of new tariffs have led to some uncertainty for both businesses and individuals regarding supply chains and increased retail costs. Consumer fears about the long-term economic effects of these policies might be leading some to explore their options in the event that their debt obligations become unmanageable.
Whether or not these factors will result in a high rate of bankruptcy filings over the coming months, you should speak with an experienced bankruptcy attorney as soon as possible if you are no longer able to pay what you owe to creditors. Even in times when bankruptcy activity is normal, the legal process can take several months. Taking action now means that you can stop collection harassment once your bankruptcy case is filed and obtain a resolution that provides lasting relief rather than being overwhelmed with debt in the months and years to come.
Jeff Field & Associates helps Georgia residents tackle severe debt problems with confidence and clarity. Please call 404-381-1278 or contact us online to schedule a consultation to discuss whether bankruptcy is the right solution for you. Our offices are in Douglasville, Gainesville, Bogart, Lawrenceville, Marietta and Scottdale.