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The Bankruptcy Boom: Business Filings Up 49%

Bills!!!Federal bankruptcy filings rose by 30% for the 12-month period ending September 30th, while business filings climbed 49% in the same period, according to the Administrative Office of the US Courts.

Q4 numbers showed a 34% increase in that quarter alone, according to the report.

Individuals seeking bankruptcy protection represent the bulk of filings, with a total of over one million for fiscal year 2008, up from 801,000 in 2007.

Business filings grew to nearly 38,700 for the fiscal year, up from 26,000 for 2007.

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The report shows that liquidations under Chapter 7 were up by 40 percent, while Chapter 11 reorganizations rose by 49 percent. Only Chapter 12, designed to protect family farmers, was down, by 8%.

The hardest-hit states were Tennessee, Nevada, Georgia, Alabama, and Indiana.

The Central District of California, covering the Los Angeles area, saw a 96 percent rise in filings.

The Bankruptcy Boom: Business Filings Up 49% by

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