State bankruptcies skyrocket »
Posted By tehranchik 10 months, 1 week ago in Business & FinanceBankruptcies filed in Oregon increased 54 percent in the fourth quarter of 2008, when the mortgage crisis caused a financial industry meltdown.
“I’m seeing people that never would have dreamed of seeing me,” said veteran Portland bankruptcy attorney Ann Chapman, partner at Vanden Bos & Chapman LLP. “There’s a shortage of bankruptcy lawyers.”
In all of 2008, 12,425 people and companies filed for bankruptcy at Oregon’s two federal bankruptcy courts in Portland and Eugene. That’s up 39 percent from 2007, when there were 8,928 new filings, according to new statistics from the U.S. Bankruptcy Court’s Oregon district, based in downtown Portland.
Bankruptcy filings in Oregon surged from October to December, topping year-earlier figures by 54 percent. Filings peaked in October, with 1,329 new cases opened, as the financial crisis prompted a federal bank bailout package and decisively tipped the presidential race.
As bad as it’s been for consumers, it’s even worse for businesses.
There were 1,420 business bankruptcies in Oregon during 2008 – up 140 percent from 2007 – according to Automated Access to Court Electronic Records, a private company that tracks bankruptcy and other court filings.
Read Full Story at portlandtribune.com »
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tehranchik
Well, I'm from and live in the Pacific Northwest. I did live in the middle east during the late 70's and early 80 ...
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