Colorado is on pace to set another record for bankruptcies.
As of Wednesday, state bankruptcy filings were running more than
10% ahead of the same period last year.
In the first nine months of 2004, there were more than 21,000 filings. In 2003, a record of more than 25,000 Colorado households and businesses sought bankruptcy protection. Colorado led the nation with a 21% increase from 2002.
University of Colorado economics professor Richard Wobbekind says Colorado went from having one of the best-performing economies in the nation, to one of the slowest. He says that created an atmosphere ripe for a higher level of bankruptcy. But he adds, Colorado's economy is recovering and cites 8,000 new jobs in August and growth the previous two months as evidence.