More than 30,000 U.S. businesses filed for bankruptcy protection in the first half of 2009, a 64 percent increase from first half 2008, according to the American Bankruptcy Institute (ABI).
The number of Chapter 11 business reorganizations increased by 113 percent, to 7,396, and Chapter 7 business liquidations jumped by 57 percent, to 20,375.
ABI executive director Samuel Gerdano expects personal and commercial bankruptcies to surge past 1.4 million by year end.
A total of 381,073 bankruptcy cases were filed in the quarter ended June 30--the highest quarterly number since 2005, when filings surged in the weeks before tougher bankruptcy laws went into effect.
