Rising corporate bankruptcies and debt defaults are another headwind for the economy, experts warn

• A wave of corporate bankruptcies and debt defaults could rock the economy, experts say.
• Charles Schwab expects bankruptcies and defaults to peak at some point over the next two quarters.
• A spike in bankruptcies among US companies could help push the economy into a recession. 

There's a wave of corporate defaults and bankruptcies that could be coming as high interest rates batter US companies. 

Experts warn it could raise the odds of a recession as high interest rates take their toll on businesses and consumers alike. 516 companies have filed for bankruptcy as of the end of September, according to S&P Global. That number already surpasses the total number of bankruptcy filings recorded in 2021 and 2022.