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.
April 17, 2008 at 12:00 AM
1 minute read
The original version of this story was published on National Law Journal
Soaring bankruptcy filings in 2007, as counted Tuesday by the federal government, is just the beginning, big-firm bankruptcy lawyers are saying.
“I am highly confident that there will be a continuing increase in distress situations,” said Heller Ehrman partner Peter Benvenutti, a former co-chairman of the firm’s insolvency practice.
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