South Florida Bankruptcy Lawyer

With the Lehman Brothers Holdings’ Chapter 11 bankruptcy filing, this year’s total corporate Chapter 11 and Chapter 7 bankruptcy filings has exceeded that of 2008 with three months left in the year. 2007 saw 78 corporations file for bankruptcy, while 2008 is already at 81.

As for assets, 2008 is passed the amount from 2007 even without the $691 billion of assets from the Lehman Brothers Holdings case. With these assets, 2008 has shattered the total combined assets record from any year in history. This is probably an effect of the high level of debt along with the credit and mortgage crisis.

Although these records have been broken this year, bankruptcy research reveals that the overall filing count is historically low. The 263 filings of 2001 are still extremely far off, even with an expectancy for the current number of filings to rise through the rest of the year.

If your business is facing financial issues, and you are considering bankruptcy, please call the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates at 561.353.2500.