Bankruptcies on the Rise
More bankruptcies have been filed over the past nine months than for all of 2006, according to the Administrative Office of the U.S. Courts.
After legal reforms in 2005 triggered a slowdown, bankruptcies filed by U.S. businesses and consumers hit some 623,000 over the third quarter this year, up more than 40 percent from the same three-month period last year.
In the 12-month period ending in September, bankruptcy cases filed in federal courts totaled 801,269, of which businesses accounted for 25,925.
Chapter 7 bankruptcies accounted for more than half of all cases filed this year.