Business Bankruptcy Filings Increased by 40% in 2009 according to statistics released by the American Bankruptcy Institute. Business bankruptcies increased to 60,837 filings in 2009 which represents a 40% increase from the 43,533 filings during the 12-month period ending Dec. 31, 2008. The 12-month business filing total for 2009 was the highest since the 62,304 filings that were recorded for the 1993 calendar year.
“These figures confirm the economic stress that businesses continue to endure,” said ABI Executive Director Samuel J. Gerdano. “As more businesses seek the financial relief of bankruptcy, the filing totals for 2010 are likely to surpass last year.
Source: Bernard Sands Bernard Sands LLC http://smythsolutions.com/index.asp