Small business chapter 11 bankruptcy filings were up 36% year-over-year in May.

It’s not just small businesses, though the other deltas are smaller.

Insight of note:

The trend highlights the cumulative impact of elevated interest rates, persistent inflation, and higher operating costs. As access to affordable credit remains constrained, more businesses and consumers are turning to restructuring tools to stabilize and reset financially.

A persistent erosion of wallets and moods as the high tide of prices continues to rise.