Federal court data show a double-digit uptick in bankruptcy filings. In a report issued July 31, personal and business bankruptcy filings rose 10 percent in the 12-month period ending June 30, compared with the previous year.

"We have seen an uptick in business restructurings and Chapter 11 filings this year," said Glenn D. Moses, a partner at Venable, Miami. Moses focuses on complex commercial bankruptcy, financial restructuring, and insolvency matters.

"Several factors can be seen to have contributed to this, including 10 successive interest rate hikes by the Federal Reserve, making borrowing money more expensive; rising inflation; continued supply-chain disruption; and a more conservative approach by banks in their lending practices—causing liquidity issues for business, which often result in a bankruptcy filing," Moses said.