Posted on Monday, January 23rd, 2012 at 6:52 pm
In 2011, 17 percent fewer publicly traded companies filed for Chapter 7 and Chapter 11 bankruptcy. In addition, bankruptcies filed by public companies decreased by 58 percent from 2009.
Experts say that the total number of bankruptcies filed by public companies last year was the lowest since 2008, before the recession. 88 companies filed for bankruptcy in 2011 with average assets of $1.2 billion. These include AMR Corp. and MF Global.
Public companies file for Chapter 7 bankruptcy when they are ready to go out of business, while businesses seek Chapter 11 bankruptcy protection when they want to restructure their debt and continue business.
To learn more about filing for Chapter 7 bankruptcy, contact the Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C. by calling 815-722-2201.