Bankruptcy and Business Failure Data (CRS Report for Congress)
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| Release Date |
Revised Jan. 30, 1984 |
| Report Number |
MB82242 |
| Authors |
Oscar Scott |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
Currently, the U.S. economy is experiencing a tremendous increase in the number of businesses filing for bankruptcy as well as ceasing operations. This recent surge in business failures is unprecedented since the Great Depression of the 1930s. There are quite a few endogenous and exogenous factors that may contribute to the failure of a firm; however, many financial analysts believe that two developments that occurred in late 1979 may have had a major impact on the recent high rate of business failures. First, the Bankruptcy Reform Act of 1978 substantially revised U.S. bankruptcy laws, allowing significant benefits to businesses as well as consumers that they did not have prior to the Act. Second, interest rates increased to an unusually high level for an unprecedented length of time. The purpose of this Mini Brief is to provide statistical data on the actual number of businesses that are filing for bankruptcy or ceasing operations. Tabular data of both a historical and current nature concerning business failures and bankruptcies is provided.
