Bankruptcy toll increases -- chicagotribune.com: "More than 12,500 individuals and businesses filed for bankruptcy in Illinois in the first quarter of this year, a 27.2 percent jump over the year-earlier period that mirrors a national trend.
Consumer filings in the state increased 27.5 percent, to 12,248, while business bankruptcies rose 14.5 percent, to 260.
'The increase in business bankruptcies over the past year reflects the turmoil persisting in the credit markets, which makes it far more difficult for businesses to manage through periods of slowed activity that threaten their liquidity,' said Stuart Rozen, partner in the restructuring, bankruptcy and insolvency practice for law firm Mayer Brown LLP in Chicago.
Rapidly rising food and commodity prices have increased the cost of doing business for certain industries, particularly restaurant and food services, trucking, airlines and construction and housing related businesses, he said."
Consumer filings in the state increased 27.5 percent, to 12,248, while business bankruptcies rose 14.5 percent, to 260.
'The increase in business bankruptcies over the past year reflects the turmoil persisting in the credit markets, which makes it far more difficult for businesses to manage through periods of slowed activity that threaten their liquidity,' said Stuart Rozen, partner in the restructuring, bankruptcy and insolvency practice for law firm Mayer Brown LLP in Chicago.
Rapidly rising food and commodity prices have increased the cost of doing business for certain industries, particularly restaurant and food services, trucking, airlines and construction and housing related businesses, he said."
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