Census data highlights California businesses filing bankruptcy
New data sheet show that business bankruptcies increased 121 percent from 2006 through 2008.
Many consumers may have had to file bankruptcy in the last few years, a prospect that will affect their financial futures for years to come.
However, businesses aren't immune to having to file bankruptcy as well if their financial situations get out of hand. Recently, the U.S. Census Bureau put forward a set of reference data sheets that cover a variety of topics, including those related to money.
What the Census production shows is that from 2006 through 2008, business bankruptcies increased 121 percent from 19,695 to 43,546. The department highlighted California, which showed 6,404 filings for this category in just 2008.
As many consumers and businesses in California may be suffering from trouble, so are parts of the government. From cities to school districts, many are having to reconsider services and employment contracts in the face of falling revenues through taxes and increasing expenses.
If they cannot do so, these municipalities and institutions may find they have to file bankruptcy as the effects of the recession continue to be felt.
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