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NEW YORK, Jan 5 (Reuters) – U.S. business bankruptcies rose 38 percent last year, to a record since bankruptcy laws were changed in 2005, according to a bankruptcy data firm on Tuesday.
There were 89,402 bankruptcy filings by businesses last year, compared with 64,584 the previous year, according to data compiled from court filings by Automated Access to Court Electronic Records, which is part of Jupiter eSources LLC in Oklahoma City.
That’s the highest yearly figure since 2005 when a flood of businesses and consumers filed for bankruptcy before changes to the U.S. Bankruptcy Code that made it harder for consumers to erase their debts and for businesses to restructure without interference from creditors.
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