U.S. Economic Collapse Looms as Bankruptcy & Debt Rise, Savings Plunge

After years of declines, bankruptcies are on the rise again in the United States. Commercial bankruptcies have been rising since late 2015, while consumer bankruptcies posted back-to-back increases in January 2017; the first time since the financial crisis nearly seven years ago. Is this an anomaly or a warning sign of a U.S. economic collapse? Total U.S. bankruptcy filings increased five percent in January 2017, to 55,212, from the January 2016 total of 52,560. Total bankruptcy filings in December 2016 were also up five percent year-over-year. This is the first time that total bankruptcies registered back-to-back monthly gains since 2010.