Bankruptcy Attorney Blog Archives

Statistics from the U.S. Bankruptcy Courts shows that bankruptcy filings are continuing to rise in the first quarter of 2009.

The court’s records show that 330,477 bankruptcy cases were filed in the first quarter, the highest number since December 2005 which included the large number of filings leading up to changes in bankruptcy law.

The report shows that over one third of the cases, 134,282, were filed in March. With the economy still fighting its way to recovery, experts predict that the number of bankruptcy cases filed will continue to rise.

General Motors followed its smaller rival, Chrysler, into bankruptcy court this morning by filing Chapter 11 bankruptcy in lower Manhattan. The judge in Chrysler’s bankruptcy case meanwhile approved the sale of the company’s assets to Italian automaker Fiat.

The Obama Administration pushed the automaker into bankruptcy in hope of salvaging GM from liquidation. The deal will result in a new GM with the nameplates of Chevrolet, Buick, Cadillac and GMC. The Hummer, Saab and Saturn brands will be looking for new owners.