Posted on Thursday, November 17th, 2011 at 9:13 pm
A Virginia-based bankruptcy data research group, the American Bankruptcy Institute, recently released an analysis of bankruptcy filings in fiscal 2011.
The report shows that consumer bankruptcy filings decreased by 11 percent in fiscall 2011 to a total of 1.06 million filings. The Executive Director of the ABI explained the drop, stating, “The decline in consumer bankruptcies is the residue of a sustained debt deleveraging by U.S. households.”
Bankruptcies filed by businesses also decreased. 18 percent fewer business filed for bankruptcy in fiscal 2011, according to the ABI. Chapter 11 reorganization bankruptcies dropped by 22 percent and Chapter 7 bankruptcies decreased by 18 percent. Reports did not give specifics on Chapter 12 or Chapter 13 bankruptcy filings.
If you have questions about filing for bankruptcy and would like to speak with an experienced attorney, contact the Joliet bankruptcy lawyers of The Law Offices of Stuart B. Handelman at 815-722-2201 to learn more about how we can help you.