Bankruptcies Surge Past the 1 Million Mark
To give you an idea of how the economy has really wreaked havoc amongst American businesses and consumers, it was reported that bankruptcies filed this year exceeded the 1 million mark.
That was for the first nine months of 2009 so obviously that number is only going to go up. This is the first time that the 1 million mark has been broken since both consumer and corporate bankruptcy laws were overhauled in 2005.
Over the first three quarters of 2009 there were 1,046,449 filings. In 2005 there were more than 1.3 million filings over the course of the first nine months.
These numbers were compiled by the American Bankruptcy Institute.
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