US bankruptcies in the first quarter were the highest since 2005. You might ask what happened in 2005 to cause a high bankruptcy rate? In that year there were a rush of bankruptcies ahead of a new bankruptcy law that was designed to curb abuses. The law took effect in October 2005.
Now to the present. Let's look at the numbers:
- There were 330,477 filings in the first quarter, up 10% from the previous quarter and up 35% from a year earlier.
- The Administrative Office of the US Courts reported that consumer filings were up 33%, while business filings were up a whopping 64%
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