According to a report issued last week by the Administrative Office of the U.S. Courts, U.S. bankruptcy filings have reached their highest levels since 2005.
The report showed that there were 422,061 bankruptcy filings between April and June this year, an increase of 9 percent from 388,148 in the prior three-month period, and up 11 percent from 381,073 a year earlier.
For the year ending June 30, there were 1.57 million bankruptcies, up 20 percent from 1.31 million a year earlier. Consumer bankruptcies rose 21 percent to 1.51 million, and business bankruptcies rose 9 percent to 59,608.
“We know the causes of bankruptcy are principally job losses and health care, with the overlay of the foreclosure crisis,” said Deborah Thorne, an associate professor of sociology at Ohio University. “It feels very unsettled, and I’m not surprised the numbers are going up. Until we get our feet on the ground, provide decent-paying jobs, and do something with the housing crisis, bankruptcies will continue to go up.”
If you or someone you know is considering filing for Chapter 11 bankruptcy, contact the New Orleans Chapter 11 bankruptcy lawyers of The Law Offices of the Law Office of David D. Kervin, Jr., LLC at 504-599-5906 to learn more about your rights.
Six Flags Inc., the New York City-based operator of the amusement parks of the same name, announced their emergence from Chapter 11 bankruptcy Monday.
The company originally filed for Chapter 11 bankruptcy in June 2009, citing an inability to refinance its heavy debt burden, which amounted to about $2.4 billion.
Six Flags Inc. will now be known as Six Flags Entertainment Corp., in cooperation with $725 million in equity from a new shareholders group headed by Stark Investments of St. Francis.
“This reorganization constitutes the final step in the repositioning of Six Flags globally,” Six Flags St. Louis Park president David Roemer said in a statement. “While the day-to-day operations of our park were never impacted, it’s very exciting to envision a future that will allow us to rapidly grow and expand the array of services and entertainment for every single guest.”
“Investing in the infrastructure of our park will also remain a top priority,” he said. “For Six Flags St. Louis, that means continuing to improve and upgrade all elements of the park and planning for new rides, attractions and special events over the next several years, including of course our highly anticipated 50th anniversary season in 2011.”
These large businesses are only able to emerge from bankruptcy due to the skilled handling of their financial and legal needs. If you are facing financial difficulty or looking for information on filing for bankruptcy, contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.
