In a bit of good economic news, business bankruptcies fell 22 percent in the first three quarters of 2012 from the number of business bankruptcies filed in the same period in 2011. What that means for most of us is that, despite the big business bankruptcies in the news, the economy is on the mend and more businesses are recovering from the brink of disaster without bankruptcy protection.
Analysts cite low interest rates and a slightly relaxed lending environment for the reduction in business failures. At Scolieri Law Group, P.C., we have no doubt that business leaders also contributed greatly to the reduction in business bankruptcies by cutting budgets and modifying spending in response to the economic recession.
If the current trend continues, we may end the year with the lowest total bankruptcy filing statistics since 2008.
Personal bankruptcies filings are also falling, which means businesses can expect improvements in their Days Sales Outstanding figures and better results from collection efforts to recover delinquent or charged off accounts.
If you are considering starting a new business, there is no time like the present. The experienced business law attorneys at Scolieri Law Group, P.C. can explain the business start up process to you and help you explore your options. Located in western Pennsylvania, our attorneys can help you every step of the way. Contact us today at (412)765-0546 or firstname.lastname@example.org.