Consumer Bankruptcy Filings Decline During 2011

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Consumer Bankruptcy Filings Decline During 2011

The total number of U.S. bankruptcies filed during fiscal year 2011 dropped 8 percent over fiscal year 2010, according to data released yesterday by the Administrative Office of the U.S. Courts.

Consumer bankruptcy filings decreased 11 percent. Chapter 13 bankruptcy filings decreased by seven percent. Consumer chapter 7 filings dropped as well, decreasing by thirteen percent. The total consumer bankruptcy filings for the third quarter showed a 9 percent decrease from the total consumer bankruptcy filings in the second quarter of 2011.

The total filings for the third calendar quarter 2011 represented an 18 percent decrease from the same period during 2010.

The bankruptcy filing rate per thousand U.S. residents totaled 4.85 for all chapters during the 12-month period ending September 30, 2011, as 3.44 Americans per thousand filed for chapter 7 while 1.37 per thousand filed for chapter 13 bankruptcy.

In something less than a shocker, Nevada maintained its stranglehold as the state with the highest per capita filing rate in the country, with nearly ten residents per thousand filing in all chapters, and also had the highest per capita filing rate for chapter 7 filings at 7.34. The state with the highest per capita filing rate for chapter 13 bankruptcy was Alabama at 3.85 per thousand for the 12-month period ended September 30, 2011.

2011-11-09T01:21:21+00:00
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