The number of bankruptcies for primarily commercial debts in 2012 fell twenty-two percent from the number reported in 2011. This is yet another statistic supporting the fact that the financial health of U.S. businesses is stabilizing.
The statistics are based on whether a debtor, which could be an individual or a legal business entity, reported primarily consumer debts or business debts at the time of filing. Those who report primarily business debts are considered a commercial bankruptcy filer.
Chapter 11 filings, often referred to as ‘reorganizations’ also followed the downward trend in 2012, with an overall 10 percent decrease from 2011 to 2012. The number of Chapter 11 filings represents a narrower statistic than those who declared primarily business debts.
If your business is not quite out of the woods yet and you are considering a bankruptcy, contact us to discuss your options. Our attorneys can review your situation and recommend a course of action to help you meet your goals, including helping identify sources of capital funding. If no other options exist and you need bankruptcy protection, we can recommend an experienced business bankruptcy attorney in your area.
For more information about growing your business, developing capital funding, or other matters related to managing your business, contact the attorneys at the Scolieri Law Group, P.C. Located in western Pennsylvania, our attorneys are experienced in Pennsylvania business law and can take care of the details for you every step of the way. Contact us today at (412) 765-0546 or via email at info@scolierilaw.com.