Posted on Wednesday, November 17, 2010
WILMINGTON, Delaware - Bankruptcies rose 13.8 percent in the year to September 30 but business filings fell for the first time since the start of the most recent recession, according to government data on Monday.
Business filings fell 0.7 percent as the economy strengthened and lending picked up, according to a report from the Administrative Office of the U.S. Courts.
However, at 58,322 the number of business filings is still double the level in 2007 just as the U.S. was sliding into its deepest recession since the Great Depression of the 1930s.
Personal bankruptcies continued to climb during the government's fiscal year, rising 14.4 percent to 1.54 million, which is the highest since a change in the laws led to a rush by individuals to file for bankruptcy in 2005.
Reporting by Tom Hals; Editing by Phil Berlowitz