South Carolina Business Bankruptcies Increase by 86%
Posted on Apr 7, 2009 11:53am PDT
Last week, the Administrative Office of the U.S. Courts released a report that revealed that business bankruptcy filings had increased by 86% this past year in the state of South Carolina. In 2007, there were only 144 business bankruptcy filings. In 2008, that number rose to 268 filings.
According to the report, Greenville County had the highest number of bankruptcies filed last year, with an increase of 73% compared to 2007. Following behind was Charleston County, which had a 47% increase in business bankruptcy filings in 2007.
The total number of bankruptcies filed in South Carolina last year was 8,502, a 14% increase from 2007. Richland County had the highest number of bankruptcies in the state, with 901 filings.
The increase in bankruptcy filings in South Carolina is not unexpected as the nation's bankruptcy filings have increased at a staggering rate and have increased by 31% compared to 2007. It is reported that approximately 1.1 million filed for bankruptcy in 2008 alone.
South Carolina attorneys report that the majority of the state's business bankruptcies have been filed by automotive suppliers, real estate developers, car dealerships, hotel operators and others in the hospitality industry. They claim that many companies choose to close rather than reorganize as the current economic conditions make it hard for them to sell their businesses.
Click here to find a
bankruptcy lawyer in South Carolina.