U.S Bankruptcies are Still Growing

Written by Adam Peck Category: Nursing Homes January 23rd, 2013 1 min read

US BUSINESS bankruptcies rose again in last month, marking the fifth-straight February that such filings have increased, according to a bankruptcy data provider on Tuesday.

Companies from a range of industries, including video rental chain Movie Gallery Inc MVGRQ.PK , radio network Air America and luxury ski resort developer East West Resort Development V LP LLLP, were among the 6,557 businesses that filed for relief from creditors in February, according to Automated Access to Court Electronic Records (AACER), a database of US bankruptcy statistics.

‘Even if the economy gets better, bankruptcy filings continue at a healthy clip for six to 18 months,’ said Mike Bickford, president of AACER. ‘And it’s not at all clear as to whether we’re really in a recovery.’ On average, 345 businesses filed for bankruptcy each day, up from 336 last year, according to AACER.

Combined, business and personal bankruptcy filings jumped 13 per cent from the same period last year.

Companies and individuals filed 6,171 bankruptcies daily, on average. That is the second-highest rate since the 2005 bankruptcy reform act took effect. Only October 2009 had a higher count with some 6,352 bankruptcies filed per day.

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.