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Bankruptcies rising in Japan due to disaster

Japan is experiencing a higher than normal bankruptcy filing rate due to the March 11 earthquake and tsunami, especially in the most heavily affected areas in the Northeast. The earthquake was a magnitude 9.0. It was the most powerful earthquake to ever hit Japan, and one of the five most powerful earthquakes in the world. The resulting tsunami caused a number of nuclear accidents. There were over 15,000 deaths.


Many financial institutions, government agencies, donations, and insurance, are trying to assist people to recover financially. The World Bank estimated the economic cost of the disaster to be $235 billion, making it the most expensive natural disaster in world history.


For more information regarding bankruptcy, contact a Houston Bankruptcy Lawyer at the Rashid Law Firm at 10222 Gulf Freeway, Suite B-100, Houston, TX 77034.