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Tighter credit, rising prices now seen hitting small businesses More businesses filed for bankruptcy in April 2008 than in any month since new bankruptcy laws took effect in 2005, according to a company that tracks federal court filings. |
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Business bankruptcy filings in the United States increased 49 percent in April from a year earlier, the biggest increase so far in 2008, as the slowing economy prompted more companies to shut down or seek protection from creditors. Business petitions rose to 5, 173 during the month, according to statistics compiled from court records by Jupiter eSources LLC in Oklahoma City. |
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Bankruptcies filed in the region that includes Orange County totaled 27,410, a 134% increase in the first six months of 2008, compared to the same period a year ago. That’s according to AACER, an Oklahoma City bankruptcy data and management company that gathers information from all federal bankruptcy courts in the United States. The spike reflects the expanding financial woes that started in the mortgage and housing industries, tighter credit standards and high fuel and food prices. |
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The U.S. bankruptcy filing figures through June 30, 2008, have become available courtesy of Automated Access to Court Electronic Records (AACER). For June, the bankruptcy rate was 4,275 new filings per day. After a large increase in February and again in March when the daily filing rate hit 4,303, the rate has stayed fairly constant throughout April (4,236 filings/day), May (4,268 filings/day), and now June. |
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The number of U.S. businesses that sought bankruptcy-court protection in 2007 climbed to the highest level in two years as an era of easy credit came to a jarring end, new federal court data show. In all, 28,322 businesses slumped into bankruptcy, an increase of more than 40% from 2006, according to the Administrative Office of the U.S. Courts. The ranks of businesses initiating liquidation proceedings swelled by more than 50%, totaling 18,751. And 5,736 businesses sought Chapter 11 protection to reorganize, an increase of nearly 24%. |
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