Business bankruptcies hit 18-year high

South Florida businesses had a tough year, with 1,403 business
bankruptcy filings recorded in 2008 in the U.S. Bankruptcy Court for
the Southern District of Florida, which encompasses nine South Florida
counties. That’s the worst rate since at least 1990 and marks an 80
percent increase from the 778 business bankruptcy filings in 2007.
Court records show 18,826 consumer filings were recorded in 2008 in
South Florida, a 71.5 percent increase from 2007. Still, that’s far
below the record 35,983 filings recorded in 2005 when filers beat a
path to the courthouse in advance of changes in the bankruptcy laws.