bankruptcy filings

While foreclosure rates and bankruptcy filings are down in North Carolina, some parts of the state are not recovering as fast as others.

The nation's economic stress fell in September to a 16-month low, thanks to more hiring in New England, fewer foreclosures in the mid-Atlantic and declining bankruptcy filings in the Southeast, according to The Associated Press' monthly analysis of conditions around the country.

Federal courts reported 158,000 bankruptcy filings in March. That amounts to 6,900 per day and a rise of 35% from February, as stated by Aacer, a court electronic records data collection agency.

"People use their tax refunds to pay their attorney fees," said Katherine M. Porter of the University of Iowa.

On the verge of the recession business bankruptcy rates and national unemployment levels were steady. But in late 2007, these numbers quickly began to inflate.

Businesses across the country filed bankruptcy and in the process, carried away millions of American jobs.

For Matthew Ludwig and Justin Dwyer, their future in the auto industry is a bright one, unmarred by a slumping auto sales market and Chapter 11 bankruptcy filings.

Filings for bankruptcy protection soared to the highest level since October 2005, when a federal law made bankruptcy more difficult and expensive.