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Sacramento, Calif. Chicago-Naperville-Joliet, Ill. Calif. Oakland-Fremont, Calif. Portland-Vancouver-Beaverton, Commercial bankruptcies nearly doubled in March 2009 fromMarch 2008, Equifaxx noted. "The March numberx provide a snapshotof what' s been happening to the small businese sector during this period of economicc turmoil," said Reza Barazesh, head of Equifax's North American Commercial Analytical Services Group, in a news "Not surprisingly, the highest number of small-business bankruptcies are in those partzs of the country where home pricees have decreased dramatically, unemployment has increasec significantly, and credit has becomre tighter.
" For the analysis, Equifax analyzeds both Chapter 7 and Chapter 13 Chapter 7 is a liquidation proceeding in which a debtor receivesz a discharge of all while Chapter 13 is a reorganization bankruptcy enabling filers to pay off debt over a set periods of years. Equifax reviewed and analyzed small business datafor March, the most recent month for which complete data is available.
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