RIO DE JANEIRO—Brazil’s President Luiz Inácio Lula da Silva was once called the most popular politician on Earth by then-US President Barack Obama. Those times are long gone.

The 20 percent rise in commercial Chapter 11 filings to 733 in March 2025, up from 611 last year, signals persistent economic pressure, mirrored by a 10 percent increase in total commercial filings to ...