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The jump in March bankruptcy filings is another indication the U.S. economy is in recession, led by states where the housing boom turned to bust. The more than 90,000 bankruptcy filings in March were the highest since insolvency laws became more restrictive in October 2005, according to statistics compiled from court records by Jupiter eSources LLC. At a daily rate, filings in March were 30 percent above the pace in 2007. |
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The number of businesses filing for bankruptcy declined about 7% in April over the peak level reached in the previous month, but the total remains well above historical norms. |
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Chapter 11 filings by U.S. businesses totaled 1,214 in April, with a year to date total of 4,933, according to newly released data from Oklahoma-based Automated Access to Court Electronic Records (AACER). |
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Combined business, personal filings jumped 13 percent U.S. business bankruptcies rose again in last month, marking the fifth-straight February that such filings have increased, according to a bankruptcy data provider on Tuesday. |
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While they became stronger in 2009 (yes they became stronger), the financial institutions were more willing to write off the bad debts of companies and were less likely to restructure debts when companies became delinquent. |
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