5,433 Bankruptcies Per Day in February 2009

by MB on March 5, 2009

Creditslips.org reports that there were over 103,000 bankruptcies filed in February 2009.

Spread over the 19 business days of February, the filing rate is 5,433 filings per day. The figure is a 22.0% jump over the January 2009 filing rate, although the better comparison is to the November 2008 filing rate because bankruptcy rates typically fall in December and January due to seasonal variations. As compared to November 2008, the increase is 9.8%, which is still a big jump for bankruptcy filing rates. The February 2009 filing rate represents a year-over-year increase of 29.9% as compared to February 2008.

Clearly, it will be a long time before we see any light at the end of the economic tunnel.

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