Dismal Bankruptcy Figures

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Bankruptcy figures continued to soar despite many big US corporations reporting positive financial results. The number of filings jumped to 1.57 million (1,572,597 to be exact), up by 20% in the year ended June 30, 2010. This figure is the highest in four years when the number of cases was 1.48 million in 2006. At the same point of time last year, the number of bankruptcies stood at 1,306,315 cases, according to the Administrative Office of the US Courts. The number of cases in July this year were up 9% over last July.

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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.

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