According to newly released figures from the U.S. Courts, bankruptcy filings in federal courts increased over 30% in fiscal year 2008, which ended September 30. There were 1,042,993 bankruptcy filings this year compared to 801,269 filings last year.
The increase in bankruptcy filings was even more dramatic for business filings, which were up 49% to 38,651, compared to 25,925 in FY 2007. Among these filings were a number of retailers, who face a difficult economic environment. Bankruptcy concerns have led to consumer warnings about buying holiday gift cards at retailers who are not financially strong.
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