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Chicago Business Bankruptcies Increase By One Third In Third Quarter

As 2009 draws to a close, many consumers and business owners are looking for the signs that the recession is over – and signs that it may continue to affect our lives, our jobs, and our finances. While housing purchases are on the rise and the foreclosure rate is dropping, others look at the number of bankruptcies around the country and wonder if we are exiting our time of crisis.

For example, as personal bankruptcies skyrocketed this year, Chicago-area business bankruptcies also continue to increase. According to the Chicago Tribune (which has faced its own recent bankruptcy issues), the number of businesses filing for bankruptcy in Chicago, Illinois, increased by 36 percent this quarter compared to the same quarter last year. The Administrative Office of the U.S. Courts reported that Northern Illinois recorded 14,529 bankruptcies in the last three months, roughly 500 business bankruptcies and 14,000 personal bankruptcies. These numbers rival the high numbers of bankruptcies filed in 2005 before the bankruptcy laws were changed.

In the last three months nationally, business bankruptcy rates have risen 33 percent. While the November 2009 numbers are down 18 percent from October 2009, they are up 12 percent in comparison to November 2008. All in all, economic experts predict that 1.4 million Americans will declare bankruptcy this year.

The high numbers of bankrupt individuals and business is being tied to high unemployment rates, a poor housing market, weak consumer confidence, and the recent difficulty in procuring credit.

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