By Matt Krantz, USA TODAYSome companies can finally say, "Rumors of our bankruptcy were greatly exaggerated."
Despite widespread speculation the credit crunch was going to grind up whole swaths of companies and force them into bankruptcy, companies are showing their mettle and are defying these dire predictions.
A dramatic drop-off in the number of companies going bankrupt is one of the most stark signs yet of how the Darwinian killing off of businesses is easing as the economy heals.
Perhaps more important for the future, though, is that the number of companies at immediate risk of failing is also sharply declining. This strength of companies pulling out of the recession gives further credence to the belief that despite the economy's problems, there's a recovery going on. Continue Reading Story Here
AP: Surge in Bankruptcies Shows Signs of SlowingRALEIGH, N.C. (AP) —The growth in bankruptcies around the country slowed significantly in 2010 from its breakneck pace in recent years, with about a dozen states recording a decline in filings from consumers and businesses, according to an Associated Press tally Tuesday.
Filings collected from the nation's 90 bankruptcy districts showed 113,000 bankruptcies in December, down 3% nationwide from the same month a year ago. That followed a similar year-over-year decline for the the month of October. It had been four years since an individual month showed such an improvement. Continue Reading
FINANCIAL TROUBLES
A state-by-state ranking of percentage change in bankruptcy filings last year from 2009.
1. Hawaii 22%
2. Utah 19%
3. California 19%
4. Arizona 18%
5. Colorado 14%
6. Florida 13%
7. Wyoming 13%
8. Maryland 12%
9. New Jersey 12%
10. Alaska 11%
11. Massachusetts 11%
12. Montana 11%
13. Connecticut 10%
14. Illinois 10%
15. District of Columbia 9%
16. Delaware 9%
17. Wisconsin 9%
18. Oregon 9%
19. Washington 8%
20. Maine 8%
21. Idaho 8%
22. South Dakota 7%
23. Rhode Island 7%
24. New Hampshire 7%
25. New Mexico 7%
26. Missouri 6%
27. Georgia 5%
28. Vermont 5%
29. Texas 5%
30. Nebraska 5%
31. Oklahoma 4%
32. North Dakota 4%
33. Pennsylvania 4%
34. Minnesota 4%
35. Kansas 2%
36. Virginia 2%
37. Louisiana 2%
38. Nevada 1%
39. Ohio unch.
40. Arkansas unch.
41. Michigan -1%
42. New York -2%
43. Indiana -2%
44. Alabama -2%
45. Mississippi -3%
46. Kentucky -3%
47. Iowa -3%
48. North Carolina -4%
49. South Carolina -5%
50. Tennessee -8%
51. West Virginia -10%
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