Business bankruptcies climb, Oregon third on undesirable list
By Oregon Tax News
In statistics compiled by AACER (Automated Access to Court Electronic Records) Oregon ranked third in the nation in percentage increase for business bankruptcies between the first and second quarters of 2008.
Oregon had 214 business bankruptcies in the first quarter growing to 375 in the second quarter, a 75 percent increase. Delaware and Montana topped the list in percentage increase at 103 percent and 97 percent respectively.
Nationwide commercial filings for the first half of 2008 are up 45 percent as compared to the previous year. In the first quarter of 2006 there were 5,811 filings and by the second quarter of 2008, filings were up to 15,471.
For every business that files for bankruptcy there may two to three that have closed but have not filled for bankruptcy. Small businesses have been particularly hard hit