Bankruptcy filings skyrocket

The American Bankruptcy Institute says the number of U.S. businesses filing for bankruptcy in the first half of 2009 was up 64 percent compared to the same period last year.

The total number of bankruptcies filed through June 30 was up by 36 percent over the first half of 2008.

“The increase in filings through the first half of this year is a product of continued financial stress weighing on both consumers and businesses,” said ABI Executive Director Samuel Gerdano.

Chapter 11 business reorganizations for the first half of 2009 increased by 113 percent, and Chapter 7 business liquidations were up by 57 percent.

One Response to “Bankruptcy filings skyrocket”

1. Christopher Colvin Says:
   August 26th, 2009 at 2:08 pm

   And the government wants to raise taxes?