Bankruptcies on the rise across US economy, large corporate filings highest in 15 years

The number of bankruptcies in the U.S. reportedly increased this year, with filing by large corporations reaching their highest level in 15 years.

The filings are across the country's economy, from the billion-dollar giants to mom-and-pop shops to everyday individuals, according to BusinessInsider.com. 

The surge in bankruptcies highlights the financial pressures facing consumers and companies amid the rising cost of goods and services and a tougher borrowing environment, the news outlet also reports. 

"Rising costs, tighter credit conditions, and ongoing geopolitical volatility continue to exert pressure on households and businesses already facing financial strain," Amy Quackenboss, the executive director at the American Bankruptcy Institute, said recently. 

Among the big companies that filed for bankruptcy were JoAnn Fabrics, Spirit Airlines and Hooters restaurants.