Tue November 13, 2012
Business-related bankruptcies drop in New Mexico
New Mexico's business-related bankruptcies dropped to a six-year low during the 12 months ending with September.
The Albuquerque Journal reports (http://bit.ly/ZlyT1V) that petitions were filed for 185 bankruptcies in which the majority of the debt was from business activities.
That's a 19 percent drop from 229 petitions with mostly business debt over the same federal fiscal year period in 2010-11.
Business-related bankruptcies across the country dropped about 16 percent over the same period.
The 185 filings statewide was the lowest number of business-related bankruptcies since 127 were filed in the 2006-07 fiscal year.
The drop in business-related bankruptcies could be a sign of a stabilizing economy, although many bankruptcy experts point to tighter credit standards as the reason.