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St. Louis Area Business Bankruptcies Skyrocket In 2009

While some signs point to a recovery economy and an end to the recession, other trends in St. Louis continue to worsen with no signs of recovery. In a new report release by Clayton, Missouri, accounting firm Hoffman Clark, it seems that St. Louis business bankruptcies are at their worst yet, with high number of bankruptcies in 2009 and shocking fourth quarter numbers that show the worst rate of business bankruptcies since the recession began in 2008.

All in all, the study reports that the rate of St. Louis area business bankruptcies has increased by 19 percent in comparison to the rate of business bankruptcies recorded in 2008. The accounting firm found that 398 St. Louis, Missouri, businesses filed for bankruptcy in 2009, compared with 334 bankruptcy filings in 2008.

A shocking 108 bankruptcy filings happened in the final fourth quarter of 2009, making it the worst three months of business bankruptcy filings in years. St. Louis bankruptcy rates rose 6 percent in the fourth quarter of 2009 from the third quarter of 2009 and 26 percent from the fourth quarter of 2008.

The numbers for this report were taken from the U.S. Bankruptcy Court for the Eastern District of Missouri with divisions covering St. Louis, Cape Girardeau and Hannibal, Mo.

While individual or personal bankruptcies were not included in this report, other studies have confirmed that personal St. Louis bankruptcies are at their highest point since the 2005 bankruptcy reform laws.

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