Business Bankruptcies Declined 22 Percent Over Course of 2012


Business Bankruptcies Declined 22 Percent Over Course of 2012

by Joel R. Glucksman on October 12, 2012

There has a been a wealth of publicity surrounding high-profile business bankruptcies, such as American Airlines, Hostess, and Houghton Mifflin Harcourt, leading many individuals to believe that bankruptcy is on the rise. However, the latest report from the American Bankruptcy Institute reveals that filings are actually falling among the nation's businesses as the economy slowly improves.

Data reveals that corporate petitions for protection under bankruptcy law declined 22 percent during the first nine months of 2012 from where they stood one year ago. Between January and September of this year, companies filed 44,750 bankruptcy requests, compared with 57,613 filings during the same period in 2011. Chapter 11 bankruptcy petitions, specifically, dropped 11 percent to 5,889.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Joel Glucksman, Scarinci Hollenbeck | Attorney Advertising

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