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Bankruptcy Filings Surge 14% in 2010

Posted Nov 9th 2010 10:00AM by Connie Madon (RSS feed)
Filed under: Economic Data, Personal Finance, Financial Crisis

Personal bankruptcy filings have been climbing steadily since 2007 when the U.S. tumbled into a deep recession. With unemployment near 10%, bankruptcy filings are on the rise.

For the fiscal year ending Sept. 30, more that 1.5 million non-business bankruptcy filings were processed, according to data released by the Administrative Office of the U.S. Courts and reported in CNNMoney. That's a 14% increase from 2009.

Continue reading Bankruptcy Filings Surge 14% in 2010

US bankruptcy filings are still climbing at the highest rate since 2005

Posted Jun 9th 2009 4:50PM by Connie Madon (RSS feed)
Filed under: Bad News, Economic Data, Personal Finance, Housing, Recession, Financial Crisis

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%

Continue reading US bankruptcy filings are still climbing at the highest rate since 2005

ATA Airlines files for bankruptcy; cancels all flights

Posted Apr 3rd 2008 10:00AM by Michael Fowlkes (RSS feed)
Filed under: Other Issues, Bad News, Press Releases, Products and Services, Management, Industry, Consumer Experience, Competitive Strategy, Employees, Southwest Airlines (LUV)

Two years after coming out of bankruptcy, ATA airlines has once again been forced to file for chapter 11. The airline canceled all flights, and has advised travelers to start to look for alternative travel arrangements.

The airline operated roughly 50 flights a day, and had more than 2,200 employees working. On its website, ATA has issued a formal statement and blamed the final straw for its collapse on the loss of a key military contract. In 2006, the company had won a $335 million dollar contract from the U.S. Air Force for international airlift services.

In its statement, ATA has advised passengers to contact their credit card company, or travel agent to discuss the options to get refunded for their unused tickets.

Continue reading ATA Airlines files for bankruptcy; cancels all flights