U.S. bankruptcies have surged past levels seen during the 2020 pandemic, reaching their highest point since that period. In July 2025 alone, 71 large companies filed for bankruptcy, marking the highest monthly total since July 2020. Year-to-date, there have been 446 large bankruptcy filings in 2025, which is 12% higher than the total filings during the pandemic year of 2020. This increase in bankruptcies is attributed to rising refinancing costs and high interest rates putting pressure on corporate finances. Despite the surge in bankruptcies, the U.S. stock market remains at all-time highs. Additionally, U.S. money-market fund assets have reached a record $7.19 trillion, according to the Investment Company Institute, reflecting shifts in investor behavior amid credit stress.