The recession and related economic conditions caused a 31% increase in bankruptcy filings last year, according to data released by the Administrative Office of the U.S. Courts today
There were 1.1 million bankruptcy filings in 2008, compared with 850,900 in 2007. Last year's numbers were far short of the all-time high of 2 million in 2005, the year before Congress revamped the bankruptcy laws.
The office said that the majority of the filings-1,074,228–involved non-business debts a 31% increase from last year.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.