Business Bankruptcies on the Rise

South Carolina is following the trend seen in the rest of the nation with both business and consumer bankruptcies on the rise.  Greenville, Richland, and Charleston are the three counties leading the state in business bankruptcy filings, and the upswing in business cases is expected to continue for at least a year.  The rise in filings has mostly been due to those in the automotive, real estate, and hospitality industries.  Although at one time, business bankruptcies were a way to sell a company without selling its debts, now many filers cannot find any buyers, causing an increasing number to just file Chapter 7 and walk away.  All in all, Chapter 11 filings have risen the most, up 60% although Chapter 7 filings are up 43%.  Neither of these trends is expected to reverse in the short term.

Business Bankruptcies Show Rapid Rise