Corporate bankruptcies up 80% in '23: Filings by local businesses soared last year.

The number of corporate bankruptcies in metro Detroit increased by 80% in 2023 compared to the previous year, surpassing the national trend. Most of the bankruptcies were small businesses with less than $10 million in annual revenue, and the majority of cases were Chapter 7 liquidations, indicating a complete closure of the business. The industries affected by the bankruptcies ranged from automotive and manufacturing to healthcare, construction, and restaurants. Experts believe that this trend will continue as lenders begin to collect debts that were deferred during the pandemic. [Extracted from the article]