Bankruptcies Skyrocketed In 2007

Law360, New York (April 15, 2008, 12:00 AM EDT) -- From a historic low in 2006, bankruptcy filings in federal courts by U.S. businesses and consumers rebounded dramatically in 2007, shooting up an estimated 38% overall from the previous year, new government statistics reveal.

According to bankruptcy findings released Tuesday by the administrative office of the U.S. courts, calendar year 2007 saw a total of 850,912 filings, up sharply from 617,660 filings recorded in 2006.

Although the bulk of the 2007 bankruptcies – approximately 822,590 – involved individuals, business bankruptcies also soared by 44%, from 19,695...
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