Locations Throughout
California

U.S Bankruptcies are Still Growing

U.S Bankruptcies are Still Growing

US BUSINESS bankruptcies rose again in last month, marking the fifth-straight February that such filings have increased, according to a bankruptcy data provider on Tuesday.

Companies from a range of industries, including video rental chain Movie Gallery Inc MVGRQ.PK , radio network Air America and luxury ski resort developer East West Resort Development V LP LLLP, were among the 6,557 businesses that filed for relief from creditors in February, according to Automated Access to Court Electronic Records (AACER), a database of US bankruptcy statistics.

‘Even if the economy gets better, bankruptcy filings continue at a healthy clip for six to 18 months,’ said Mike Bickford, president of AACER. ‘And it’s not at all clear as to whether we’re really in a recovery.’ On average, 345 businesses filed for bankruptcy each day, up from 336 last year, according to AACER.

Combined, business and personal bankruptcy filings jumped 13 per cent from the same period last year.

Companies and individuals filed 6,171 bankruptcies daily, on average. That is the second-highest rate since the 2005 bankruptcy reform act took effect. Only October 2009 had a higher count with some 6,352 bankruptcies filed per day.

Nursing Home Abuse & Neglect Attorney Steven Peck

About the Author

Attorney Steven Peck has been practicing law since 1981. A former successful business owner, Mr. Peck initially focused his legal career on business law. Within the first three years, after some colleagues and friend’s parents endured nursing home neglect and elder abuse, he continued his education to begin practicing elder law and nursing home abuse law.


Free Case Evaluation

    *Please do not include any confidential or sensitive information in this form. This form sends information by non-encrypted e-mail which is not secure. Submitting this form does not create an attorney-client relationship. For more information, please read our Privacy Policy.

    Categories


    Bar Memberships and Affiliations

    The Peck Law Group stays up to date and in touch with the legal community through various memberships and affiliations.