Business Bankruptcies Increased in 2009
Posted on Jan 6, 2010 1:45pm PST
According to several news sources, the number of business related bankruptcies increased in the year 2009 in the U.S. Reports indicate that in 2009, the number of
Chapter 11 bankruptcies increased by 38% due to economic pressures, which may continue into 2010.
In 2009, 89,402 businesses in the United States filed for bankruptcy protection. In 2008, the number was 64,584 according to data from Automated Access to Court Electronic Records, a company that keeps records of all bankruptcy filings.
Many experts predict that the number of company bankruptcies filed will remain elevated in 2010. Experts say that companies will remain under pressure and that tougher credit laws, unemployment and the real-estate may prevent business bankruptcy filings from decreasing.
This past month, business bankruptcy filings rose by 13% compared to the same month last in 2008. Commercial bankruptcies also increased by 3% in November 2009 compared to November 2008.
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