Thousands of US Businesses Go Bankrupt

The number of US businesses bankruptcy filings has risen as much as 49% in April compared to a year earlier.

According to statistical data that was compiled by Jupiter Sources LLC, the business bankruptcy filings soared to 5,713 during April.

The total number of bankruptcy filings, including those filed by individuals amounted to a total of 93,096, the Oklahoma-based group said.

And just to spice up the news a bit:

• The economy has lost a total of 260,000 jobs since the beginning of 2008.
• Banks have foreclosed nearly 650,000 properties in the last quarter of 2007.
• Analysts estimate bankruptcy filings will reach a total of 1.1 million by the end of 2008.

What is Bankruptcy

Business Bankruptcy is a legal term used when a business cannot pay money they owe to their creditors. It entails protection from debtors by allowing them to reorganize or liquidate their resources depending on the type of bankruptcy filed.

This process can provide money to creditors, reducing the overall debt of the business and providing fresh financial starts for both businesses and individuals involved. With careful planning and understanding, Bankruptcy can be an important tool for businesses confronting money problems.

Author Profile

The What Girl

I am a financial services writer with experience in forex trading and stock market analysis.

Latest entries

• August 14, 2013Investment IdeasStockmarket Shares: Tips for Beginners
• August 7, 2013NewsWireNew consumer protection laws target pressure sellers
• July 25, 2013Best DealsPrice rises spell trouble for UK’s crowded housing market
• July 1, 2013NewsWireMoney lenders welcomed into temple as Church of England plans credit union