Legal News

The Bankruptcy Boom: Business Filings Up 49%
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

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.

  
What
Where


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

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.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




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





 

RELEVANT JOBS

Post-Conviction Resource Attorney

USA-CA-Los Angeles

POSITION: Post-Conviction Resource Attorney LOCATION: Hybrid work model; required travel to on-si...

Apply now

Litigation Attorney

USA-NJ-Morristown

Litigation associate sought in a busy medical malpractice firm in downtown Morristown.  Experie...

Apply now

Post-Conviction Coordinating Attorney

USA-CA-Los Angeles

POSITION: Post-Conviction Coordinating Attorney LOCATION: Hybrid work model; required travel to o...

Apply now

National and New York Commercial Title Insurance Underwriter

USA-NY-Westbury

  Job Description National and New York Commercial Title Insurance Underwriter Provide...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Venture Capital Attorney

USA-CA-San Diego

San Diego office of a BCG Attorney Search Top Ranked Law Firm seeks corporate business attorney with...

Apply Now

Real Estate Attorney

USA-CA-San Diego

San Diego office of a BCG Attorney Search Top Ranked Law Firm seeks transactional real estate attorn...

Apply Now

Experienced Health Care Attorney

USA-ME-Portland

Portland office of a BCG Attorney Search Top Ranked Law Firm is seeking health care attorney with 5-...

Apply Now

SEARCH IN ARCHIVE

To Top