Business Bankruptcies Erupt In July

Law360, New York (August 13, 2008, 12:00 AM EDT) -- The economic downturn continues to take its toll on the corporate world, with business bankruptcies surging in July to the highest levels since 2006, according to a monthly tally by a bankruptcy research firm.

Last month, 5,664 businesses filed for bankruptcy protection, according to statistics released by Automated Access to Court Electronic Records (AACER), a bankruptcy data and management company that collects and organizes bankruptcy data using federal dockets. That far outstrips the 3,611 businesses seeking protection in July 2007 and 2,485 business bankruptcy filings in...
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