Posted on Thursday, January 26th, 2012 at 11:56 pm
Compared publicly traded company bankruptcy filings in 2010, last year marked a 17 percent drop in both Chapter 7 and Chapter 11 bankruptcy filings.
A total of 88 publicly traded companies filed for bankruptcy, compared to 106 companies in 2010 and 211 in 2009. 2011 marks the third consecutive year of business bankruptcy rates declining. Experts expect, however, for corporate bankruptcy filings to increase in 2012. MF Global Holdings Inc. was the largest business to file for bankruptcy last year and marked the eighth largest bankruptcy filing in U.S. history.
The drop in businesses filing for bankruptcy also mirrors the drop in personal bankruptcy filings. According to the National Bankruptcy Research Center, personal bankruptcy filings dropped by 12 percent last year.
If your business is struggling with overwhelming debt, contact the Houston business bankruptcy lawyers of the Russell Van Beustring P.C., today at 713-973-6650.