Bankruptcy Filings Continue To Decline

Law360, New York (December 6, 2006, 12:00 AM EST) -- The number of company bankruptcy filings dropped 20% in fiscal year 2006, the fifth straight year a decline was reported, according to statistics released Tuesday by the Administrative Office of the U.S. Courts.

Overall, only 27,333 businesses sought bankruptcy protection for the fiscal year ending Sept. 30, 2006, compared with 34,222 in fiscal year 2005. The number of Chapter 11 cases, meanwhile, fell from 6,637 to 6,003.

What makes the statistics more startling is that there was a huge influx of bankruptcies in the first few...
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