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12 percent drop in personal bankruptcies last year

Posted on Monday, January 9th, 2012 at 4:04 pm    

In 2011, 12 percent fewer personal bankruptcies were filed in the U.S. than in 2010.  Overall, 1.35 million people in the U.S. filed for bankruptcy last year.

In 2010, 1.5 million people filed for personal bankruptcy, or about 1 in every 150 Americans.  Last year, around 1 in every 175 Americans filed for Chapter 7 and Chapter 13 bankruptcy.

Chapter 13 bankruptcies decreased by 25 percent, and Chapter 7 bankruptcies decreased by 17 percent in 2011.  The decrease in personal bankruptcies across the country last year was the first drop in personal filings since 2006.

Texas had one of the lowest rates of personal bankruptcy in the U.S. with only 1 in every 379 residents filing for Chapter 7 or Chapter 13 bankruptcy in 2011.  In contrast, Nevada had the highest rate of personal bankruptcy with 1 in every 88 residents seeking personal bankruptcy protection.

To learn more about filing for personal bankruptcy in Joliet, contact the Joliet personal bankruptcy attorneys of The Law Offices of Stuart B. Handelman, P.C. by calling 815-722-2201 today.