William H. Schorling, a shareholder and Executive Committee member of the Bankruptcy and Creditors' Rights Section at Buchanan Ingersoll & Rooney's Philadelphia office, was quoted in a November 24, 2009, Pittsburgh Post-Gazette article titled, "Bankruptcies on the rise again." The article, which was also published by the American Chronicle, discussed the growing number of bankruptcy filings in the greater Pittsburgh area.
According to the article, "Personal bankruptcies could reach an estimated 1.4 million nationwide by the end of this year, according to the American Bankruptcy Institute. … Meanwhile, bankruptcy filings for businesses and consumers in Western Pennsylvania have increased 10 percent from 3,338 during the second quarter of 2008 to 3,564 filings in the second quarter of 2009."
Schorling explained that most bankruptcy filings are caused by "too much debt, a loss of income related to unemployment, divorce, or health problems that lead to unpaid medical bills."
"We're seeing the increase in bankruptcies because people are losing their jobs," Schorling said.