A press release, of course issued before a major U.S. holiday, after hours, shows more consequences of our economy. U.S. Courts: Bankruptcy Filings Up 34 Percent over Last Fiscal Year :
Bankruptcy cases filed in federal courts for fiscal year 2009 totaled 1,402,816, up 34.5 percent over the 1,042,993 filings reported for the 12-month period ending September 30, 2008.
For the 12-month period ending September 30, 2009, business filings totaled 58,721, up 52 percent from the 38,651 business filings in the 12-month period ending September 30, 2008. Non-business filings totaled 1,344,095, up 34 percent from the 1,004,342 non-business bankruptcy filings in September 2008.
This is dramatic and I would like to know the size of these businesses. My guess is the majority are small business. stuff
|Business and Non-Business Filings Years Ended September 30, 2005-2009|
|Bankruptcy Filings by Chapter of the Bankruptcy Code 12-Month Periods Ending September 30, 2005-2009|
h/t Calculated Risk