The week in bankruptcies: U.S. Glove Inc. and FTS School Service Inc.

Albuquerque area bankruptcy courts recorded two business filings - including one with total debt above $1 million - during the week that ended Feb. 26. Year to date through Feb. 26, the court recorded four Chapter 7 or Chapter 11 business bankruptcy filings, a 33 percent increase from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure…