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Bankruptcy Filings... | by MyEyeSees
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Bankruptcy Filings...

This information is from a blog, typical of how information in The Great Financial Crisis is being covered by new media. Credit Slips, where this information comes from (below) is a blog produced by seven academics who "will use this space to do what we like to do when we get together--discussing and debating what does happen and what should happen when consumers and businesses borrow money."

Chapter 11s Rise 62% in 2008

...individuals filed 19.5% of all the chapter 11 cases in 2008. Many of these chapter 11s represent the lost dream of a small business owner and the jobs that went with that dream.

 

Bankruptcy filings in 2008 rose 32% as compared to 2007 according to data from Automated Access to Court Electronic Records (AACER). There were just under 1.1 million total bankruptcy filings in 2008 as compared to 827,000 in 2007. Those figures count all bankruptcy filings. The increase is attributable not only to the worsening economic conditions, especially the unavailability of further credit, but also to the generally increasing trend of bankruptcy filings from their nadir just after passage of the 2005 bankruptcy law.

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Taken on January 9, 2009