The economic crisis that started in late 2007 led to a significant increase in b

The economic crisis that started in late 2007 led to a significant increase in bankruptcy filings by U.S. consumers and businesses. In 2008 bankruptcy filings by consumers were up by more than 30 percent. In the same year 136 publicly traded U.S. companies filed for bankruptcy an increase of 74 percent from a year earlier. In a typical month in 2009 about 100000 consumers filed for bankruptcy protection. Bankruptcy in the United States is permitted under Article I Section 8 of the U.S. Constitution which authorizes Congress to enact ?ouniform Laws on the subject of Bankruptcies throughout the United States.?? In your business law or legal environment course you learn about the types of bankruptcy and their procedures. In contrast in your economics courses you learn about how bankruptcy law affects the behavior of individuals and businesses.