08-18-2009, 03:51 AM
<b>Bankruptcy Expert: 1.4 Million Companies Could Go Under</b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->WASHINGTON/WILMINGTON, Del. -- U.S. bankruptcy filings rose 38 percent in April-June from a year ago, according to court data released on Thursday, as consumers and business were hit by rising unemployment and a lack of credit.
Overall, 381,073 bankruptcies were filed in the second quarter, up 15 percent from the first three months of the year and up 38 percent from a year ago, according to the Administrative Office of the U.S. Courts.
More than 16,000 businesses filed for bankruptcy in the quarter, the highest in the three-month period since 1993, according to the American Bankruptcy Institute.
The number of business failures rose 64 percent from the same quarter a year ago and Chapter 11 business filings more than doubled in the first half, compared to the first half in 2008. Major second-quarter filings included Chrysler LLC and General Motors Corp, both among the 10 largest filings ever, which sent many of their suppliers into bankruptcy as well.
.......<!--QuoteEnd--><!--QuoteEEnd-->
Overall, 381,073 bankruptcies were filed in the second quarter, up 15 percent from the first three months of the year and up 38 percent from a year ago, according to the Administrative Office of the U.S. Courts.
More than 16,000 businesses filed for bankruptcy in the quarter, the highest in the three-month period since 1993, according to the American Bankruptcy Institute.
The number of business failures rose 64 percent from the same quarter a year ago and Chapter 11 business filings more than doubled in the first half, compared to the first half in 2008. Major second-quarter filings included Chrysler LLC and General Motors Corp, both among the 10 largest filings ever, which sent many of their suppliers into bankruptcy as well.
.......<!--QuoteEnd--><!--QuoteEEnd-->