Tuesday, March 3, 2009

U.S. Bankruptcy Filings Surged 37% in February Over Prior Year


Copied and Pasted by: Jeffrey Kam

March 3 (Bloomberg) -- Bankruptcy filings in the U.S. surged 37 percent in February from a year earlier, with more Americans seeking protection from their creditors as the economy sank into its deepest recession in at least a quarter century.

Total filings for individuals and companies rose to more than 103,000, according to data compiled by Automated Access to Court Electronic Records, a service of Jupiter ESources LLC in Oklahoma City. Commercial filings rose to 6,303, up 47 percent from the same month a year earlier, the group said.

“It’s not surprising that more people are declaring bankruptcy as the U.S. is going through one of the deepest recessions since the 1930s,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. “A lot of people are losing their homes, their jobs and their wealth.”


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