Colorado's Bankruptcies Up as Market Keeps Going Down

March 6 2009, 9:39 AM
Business bankruptcy filings in Colorado were up nearly 50 percent last year, and personal bankruptcies rose by 36.4 percent, according to the Denver Business Journal, citing fresh data from the Administrative Office of the U.S. Courts. The news came yesterday as the Dow Jones industrial average dropped steeply yet again, down 4 percent to 6594.44, a 12-year low (via The Washington Post ). Every stock but Wal-Mart's "lost ground or closed flat," according to the Post, which quotes Philip J. Roth, chief market analyst at New York brokerage Firm Miller Tabak, as saying, "The last time the market had a long, straight-line decline was in 1937 and 1938." As for the bankruptcies in Colorado, in terms of volume, they were well below the historic high of 2005, when more than 2 million individuals filed before a new law went into effect making it harder to receive protections, the Journal notes.