U.S. business bankruptcies rose 38 percent last year, to a record since bankruptcy laws were changed in 2005, according to a bankruptcy data firm on Tuesday.
A 'perfect storm' sends filings up to highest level since '05 reform
Everyone from retirees who can't afford to live on Social Security, to baby boomers who were downsized, to college graduates who can't find work, to homeowners who drained the equity from their homes helped push 2009 personal bankruptcy filings up by nearly one-third over the previous year.
Economic Crisis Sends 2009 Business-Bankruptcy Filings Up 38%
Eric Morath
The number of businesses filing for bankruptcy in 2009 increased 38% over the prior year, providing a measuring stick of the widespread economic crisis that likely will continue to put pressure on companies in 2010.
WASHINGTON -- In another promising sign of economic recovery, the torrid pace of personal and business bankruptcies slowed during the third quarter.
A 'perfect storm' sends filings up to highest level since '05 reform
Chapter 11 bankruptcy filings by U.S. businesses surged 50 percent last year, outpacing the increase for individuals.
The number of businesses filing for bankruptcy in 2009 increased 38% over the prior year, providing a measuring stick of the widespread economic crisis that likely will continue to put pressure on companies in 2010.
