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There were more bankruptcies in 2008 than at any time since 2005, with company filings rising 50 percent. There were more bankruptcies in 2008 than at any time since 2005, when federal law made it tougher to file for bankruptcy. Over a million Americans filed for individual bankruptcy, up 32 percent, and company filings rose 50 percent to 64,318, according to numbers gathered by AACER, a service of Jupiter ESources LLC in Oklahoma City. |
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As the curtain falls on one of the most devastating financial years on record, business bankruptcies — both large and small — continue to soar. The nearly 58,000 commercial bankruptcies filed nationwide through November of this year exceed the year-end totals of every year since Congress overhauled the bankruptcy laws in 2005, according to Automated Access to Court Electronic Records, an Oklahoma City bankruptcy data company. |
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The number of businesses that sought to liquidate under Chapter 7 bankruptcy protection rose 7% last month, indicating that the U.S. financial crisis is putting more struggling companies out of business. |
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Law360, New York (August 13, 2008) -- The economic downturn continues to take its toll on the corporate world, with business bankruptcies surging in July to the highest levels since 2006, according to a monthly tally by a bankruptcy research firm. |
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July was the hottest month for bankruptcy filings since the number of filings cooled off after new bankruptcy laws took effect nearly three years ago, new data show. Last month, 5,664 businesses sought to liquidate or restructure under bankruptcy protection, the highest monthly total since Congress’ overhaul of the Bankruptcy Code took effect in October 2005, according to Automated Access to Court Electronic Records. AACER’s data shows that this is only the third time in the past few years that the monthly total has topped 5,000. |
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