Bankruptcy filings in federal courts rose by nearly 35 percent this year, as businesses and individuals alike encountered difficulty recovering from the weak economy.
Fresh figures from the Administrative Office of the U.S. Courts reveal roughly 1.4 million bankruptcy cases were filed over the course of the fiscal up 34.5 percent from the approximately 1 million cases filed in the 2008 fiscal year. The bankruptcy figures refer to the time between Oct. 1, 2008, and Sept. 30.
Filings rose across the board, with Chapters 7, 11, 12 and 13 all climbing. Chapter 11 was the most common filing, increasing 68 percent. Business filings increased by 52 percent while nonbusiness filings spiked 34 percent.
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