Soaring bankruptcy filings in 2007, as counted Tuesday by the federal government, is just the beginning, big-firm bankruptcy lawyers are saying. The number of businesses filing for bankruptcy increased by 44 percent in 2007, according to the Administrative Office of the U.S. Courts. Last year, 28,322 businesses filed for bankruptcy, compared with 19,695 in 2006. While many speculate about how bad the economic downturn will be, bankruptcy lawyers say it's practically getting worse by the day.
Courts Post Sharp Rise in Bankruptcies
April 16, 2008