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Business Owners Recovering from Financial Crisis
Published on Jun 13, 2011
Check out 'Business Owners Recovering from Financial Crisis' at 'Time to Start Up,' the small business blog by BizFilings.
As the country continues to rebound from its recent financial crisis, data provider Epiq Systems has reported an 18 percent decrease in bankruptcies filed by businesses for the month of May.
Running a business isn’t as risky as it used to be with the economy slowly fiinding its way toward recovery and businesses of all types finding a way to avoid bankruptcy and stay operational.
May 2010 saw 8,016 businesses filing for bankruptcy while May 2011 saw that number reduced to 6,569, showing some signs of progress. The year’s projection for business bankruptcy filings is expected to hit the 80,000 mark but that is still a noteworthy improvement over each of the past two years.
While some economic sectors are recovering faster than others and consumer confidence varying from sector to sector, this decrease in bankruptcy filings is a positive sign for current business owners and prospective business owners alike.
Still, businesses are not out of the woods yet. "Bankruptcies are down, but restructuring is not dead," Larry Perkins, a senior managing director at restructuring advisers Conway Mackenzie Inc. told the Wall Street Journal. "It's still pretty busy."