Between rising inflation, high gas prices and tariffs, many Americans are having a tough time making ends meet in the current economy. And an increasing number of folks have fallen so deeply into debt, they’ve filed for bankruptcy. There were more than 574,000 individual and business bankruptcy cases filed in 2024 — up 11 percent from 2024 and nearly 27 percent more than in 2023, according to U.S. Bankruptcy Courts statistics. Alternatives to bankruptcy involve debt consolidation and payment plans.