Bankruptcies jump 118% where housing debacle hit hardest

Bankruptcies have nearly doubled in states like California, Florida, Nevada and Arizona.

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Chapter 11 Bankruptcies up 62%

Good post at creditslips.org about the under-reported Chapter 11 bankruptcies.  In 2007, there were 6,200 of these rising to more than 10,000 in 2008.  While the media has focused on the Circuit City bankruptcies, the greater number of them are filed by small businesses.

Chapter 11s Rise 62% in 2008

Increased Bankruptcies for Eastern Massachusetts

The rate of bankruptcies for businesses has accelerated considerably in the last few weeks;

*8 bankruptcies in Sept 2008 vs. 6 in Sept. 2007

*18 bankruptcies in October 2008 vs. 3 in Oct. 2008

*4 filing in the first couple weeks of Nov. vs. 2 in Nov. 2007

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Cool, Depressing Bankruptcy Graph!

I need to parse this carefully.  The data (thanks creditcards.com) being displayed is sad and appears to track closely with foreclosures.  Now that would interesting layer on top of this graph, seeing the correlation between declaring bankruptcy and foreclosures.

One of the stories that has been under reported in my view, is the foreclosure story.  I’ve heard one report that in some neighborhoods, there have been so many foreclosures that foreclosed houses are being destroyed because an empty house is more toxic to housing prices that an empty lot.  This story is at the heart of the downturn and yet mostly we see stories about bailouts and stock market declines and the like.

The “B – Word”

Business bankruptcies are up 67% in September from the previous year.  Here is the depressing link.