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Personal bankruptcies decrease with consumer credit

Posted on Monday, November 7th, 2011 at 8:09 pm    

Last week, the American Bankruptcy Institute and the National Bankruptcy Research Center reported that personal bankruptcy filings decreased for the fourth month in a row in October.  A total of 106,255 personal bankruptcies were filed in the United States last month.

According to ABI executive director Samuel Gerdano, “The declining filings correlate to tightened consumer spending and the overall pullback in consumer credit associated with a stagnant economy.”

Last month, 19.2 percent fewer personal bankruptcies were filed than in October 2010 and 2.1 percent fewer were filed than a month before in September.

The ABI predicts that this year’s total bankruptcy filings will be less than last year’s.

If you or someone you know is considering filing for bankruptcy, contact the Joliet bankruptcy lawyers of The Law Offices of Stuart B. Handelman at 815-722-2201 to learn more about how we can guide you through the bankruptcy process.