Tuesday, April 6, 2010

Business Bankruptcies Jump 20% YOY In March

The total number of companies filing for bankruptcy in the U.S. jumped by more than 20% in March over the previous month, as business failures in the first quarter outpaced last year's total.

The total number of commercial bankruptcy filings hit 8,208 in March, a sharp rise from February's total of 6,655, according to new data from Automated Access to Court Electronic Records.

March's total brings the total number of commercial bankruptcies to 21,453 so far this year, almost 1,000 more than the total for the first quarter of 2009, a breakout year for business filings.

Jack Williams, a bankruptcy law professor at Georgia State University, said he expects the business bankruptcy rising trend to continue through the second quarter despite signs of an improving economy.

"There's no indication whatsoever that the trend is slowing," Mr. Williams said. "The pace is picking up...and that was off of what was a major filing year in 2009."

The new bankruptcy figures come amid evidence of an improving job market. The Labor Department reported Friday that the U.S. economy added 162,000 jobs in March, though the unemployment rate held steady at 9.7%.

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Source: http://online.wsj.com/article/SB10001424052702303912104575164402383741206.html?mod=googlenews_wsj


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