Bankruptcies Rise to Highest Level Since 2005

The phrase “busier than bankruptcy court” might not be common at the moment, but if times don’t change, it will soon be an effective way to illustrate how frenetic a situation is.

A U.S. government report shows that bankruptcies climbed to 330,447 in the first quarter (January to March). The number was 10 percent than the last quarter of 2008 and 35 percent higher than a year earlier. Consumer bankruptcies rose 33 percent from the previous year, while business bankruptcies climbed an alarming 64 percent.

As unemployment continues to threaten the 10 percent threshold, the numbers are expected to increase even more.

For more on the upward trend in bankruptcies, visit the source.

Source:

Reuters: U.S. Bankruptcies Highest Since 2005