Bankruptcy Filings Up 35 Percent Over Previous Year

BLT: The Blog Of Legal TImes:

Individuals and businesses filed 1.3 million bankruptcy cases in the year ended June 30, an increase of 35 percent over the previous year, the Administrative Office of the U.S. Courts said today.

It is the third consecutive annual increase, as the recession has forced thousands of businesses to close shop and as job losses and rising debt have caused individuals to seek protection from creditors. Business filings increased 63 percent, while individual filings were up 34 percent.

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