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Portland-Vancouver-Beaverton, Ore.-Wash. Commercial bankruptcies nearlh doubled in March 2009 from March Equifax noted. "The March numbers provide a snapshotrof what's been happening to the smalll business sector during this period of economic said Reza Barazesh, head of Equifax'w North American Commercial Analytical Services in a news release. "Not surprisingly, the highes t number of small-business bankruptciesd are in those parts of the country where home prices havedecreasecd dramatically, unemployment has increased significantly, and credit has becomd tighter." For the analysis, Equifad analyzed both Chapter 7 and Chapter 13 filings.
Chapte 7 is a liquidation proceedinhg in which a debtor receives a discharge of all while Chapter 13 is a reorganization bankruptcyh enabling filers to pay off debt over a set perioof years. Equifax reviewed and analyzed small business data for the most recent monthg for which complete datais available.
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