As reported by the Triangle Business Journal, bankruptcy filings rose slightly in Wake County in March 2010 when compared with March 2009. Interestingly, Wake County accounted for almost one quarter of the bankruptcy filings in the Eastern District of North Carolina.
The economic downturn claimed its biggest victim as General Motors filed for Chapter 11 Bankruptcy on June 1, 2009 in the United States Bankruptcy Court for the Southern District of New York. GM’s bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets. For more on the General Motors bankruptcy and to see some of the documents associated with the filing, go to http://documents.nytimes.com/general-motors-bankruptcy-filing#p=1.