Posted by
ty on Tuesday, December 16, 2008 12:00:00 AM
According to figures released Monday by the Administrative Office of the U.S. Courts bankruptcy filings rose 30% during the 2008 fiscal year, which ended Sept. 30, Total bankruptcy filings increased by 241,724 cases, or 30%, to 1.04 million in the 12 months between Oct. 1, 2007, and Sept. 30, 2008. For the three months ending Sept. 30, total bankruptcies rose nearly 34% to 292,291, up from 218,909 in the same period last year. Fiscal fourth-quarter filings were up 60% from 182,973 in the previous quarter. I think that this is like a domino effect and it has to get worse before it can get better. When one company goes into bankruptcy others are likely to go in to bankruptcy because there is less money to go around. This shows signs that the economy is getting worse before it gets better.