January 27, 2011
Bankruptcies Up In 2010
Business bankruptcy filings in Massachusetts rose 10.2 percent in 2010, according to The Warren Group.
There were 237 Chapter 11 filings over the year, up from 215 in 2009. However, the filings declined in the fourth quarter, with 56 bankruptcies filed, compared with 64 in the fourth quarter of 2009.
Personal bankruptcy filings under Chapter 7, which allow individuals to wipe out most of their debts, rose 8.5 percent in 2010, according to The Warren Group. There were 17,496 Chapter 7 bankruptcy filings last year, compared to 16,118 in 2009. In 2008, there were only 12,034.
Another form of individual bankruptcy, Chapter 13, which allows people to pay back debt, rose 52 percent to 5,392.
WBJ Web Partners
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