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Originally published February 26, 2009 at 12:00 AM | Page modified February 26, 2009 at 11:02 AM

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Bankruptcy filings climb in Washington

Washington ranked second among the states, behind New Jersey, in the rate of growth in bankruptcy filings from December to January, according to AACER, an Oklahoma City-based bankruptcy data and management firm.

Seattle Times staff reporter

So much for New Year cheer.

Washington ranked second among the states, behind New Jersey, in the rate of growth in bankruptcy filings from December to January, according to AACER, an Oklahoma City-based bankruptcy data and management firm.

More than 1,900 households and businesses declared bankruptcy across the state last month, court statistics show.

While the state notched only a 3 percent increase in filings after the holiday season, almost every other state saw bankruptcy filings drop in January, AACER data show.

It's too early to tell if the state's position will hold, but last month it also moved in the average monthly increase in filings (ninth) and in filings per capita (20th).

Consumer bankruptcies rose sharply in the Seattle and Tacoma areas, where over the past year unemployment rates roughly doubled and housing sales activity plummeted.

King County led the state, with more than 60 percent growth in bankruptcy filings over the previous January, well above the 38 percent average annual growth of the previous 12 months. There were 412 bankruptcy filings in King County last month.

Other urban counties had major annual increases as well: Thurston County recorded 56 filings, a 56 percent jump; Pierce County, 277 filings, up 53 percent; and Snohomish County, 222 filings, up 42 percent.

More businesses are seeking protection from creditors, too. In Western Washington, there were 63 businesses that filed for bankruptcy last month compared with 36 the previous January. Most sought Chapter 7 liquidation.

About a dozen businesses filed for Chapter 11 reorganization, which gives them time to restructure their operations and pay creditors over time. They include Northwest Foot & Ankle Associates in Edmonds and Bob's Cabinet Creations, a local cabinet maker, according to court records.

Sanjay Bhatt: 206-464-3103 or sbhatt@seattletimes.com

Copyright © 2009 The Seattle Times Company

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Comments
Well, when the CC companies 'willy-nilly' triple the interest rates to everyone, including good customers who have NEVER had a late...  Posted on February 26, 2009 at 2:06 PM by dvaudio. Jump to comment
Gregoire declares, "I will fix the problem of bankruptcies by implementing a cap and trade system that will drive more businesses out of the...  Posted on February 26, 2009 at 9:30 AM by iguana2. Jump to comment
What's sad is how you are talking about (disappointing as it is) 412 people declaring bankruptcy when you fail to mention that the other...  Posted on February 26, 2009 at 3:35 AM by Bob Krulish. Jump to comment

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