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So much for that "special" South Dakota economy. It's only just slightly better than the national economy, based on bankruptcy filings.
In 2009, bankruptcy filings rose significantly over 2008 in S.D. According to the Clerk of the Federal Bankruptcy Court for the District of South Dakota:
South Dakota Filings Up 27% in 2009
There were 1,876 bankruptcy cases filed in 2009 in the District of South Dakota, a 27 percent increase from 2008. Fifteen Chapter 11 cases were filed in 2009, the most in a year since 1993.
Nationally, bankruptcies were up 32% from 2008 to 2009. According to Business Week:
The 207 bankruptcies in 2009 by publicly traded companies were the third-highest since 1980, according to BankruptcyData.com. Public companies filing bankruptcy last year reported almost $600 billion in assets, the second-largest on record, although half those of 2008’s record $1.2 trillion.
Total U.S. bankruptcy filings, including individuals, jumped 32 percent to almost 1.44 million, said AACER, a service of Oklahoma City-based Jupiter ESources LLC. Arizona had the largest increase, at 77 percent, with Nevada second at 59 percent. Per capita, the most filings were in Nevada, followed by Tennessee, Georgia, Alabama and Indiana.
I have added consumer bankruptcy to my practice areas of intellectual property, criminal law, business, and employment law. Unfortunately, I've been busy. While some bankrupts mis-manage their money and incur credit card debt, many others face financial hardship because of lost jobs or medical bills.
Let's hope things turn around--soon. I'd rather go back to other areas of the law to make a living.
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