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Matt considered investing in a local business. He wanted to
support the community's economy and liked the idea of creating new jobs. The
business was new, and owned by an unfamiliar entrepreneur, so Matt decided to
be cautious. He went to the Internet with the owner's information and located a
bankruptcy report. This businessman had tried to start the same business many
times in different cities, and ALL had failed! He was no stranger to
bankruptcy, as federal bankruptcy records showed he had filed twice, in two
different states. Matt withdrew his investment offer, and avoided a million
dollar loss.
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In the last two years the number of personal bankruptcies
filed has climbed to 2,000,000.
The largest Chapter 11 bankruptcy case of 2007 involved
$26,147,090,000 in assets.
California has the highest rate of
bankruptcies, including nearly 3,000 business cases, and over 37,000
non-business filings.
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Bankruptcy laws change all the time.
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