California's personal bankruptcy filings have surged to a four-year high, rising 25% in a quarter and 38% year-on-year, reflecting heightened financial anxieties among residents.
The bankruptcy rate now stands at 40 per 1,000 residents, while housing foreclosures also increased significantly to 12 per 1,000 residents, indicating financial distress.
Despite the rise in bankruptcies and foreclosures in California, current filing rates remain significantly lower compared to pre-COVID levels, suggesting some resilience in the state's economy.
While the situation might echo historic financial crises, California's bankruptcy rates are still 29% below average levels seen in 2018-19, showing that conditions aren't as dire as they seem.
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