Bankruptcy Filings Declined 12 Percent in 2011, ABI Reports
The American Bankruptcy Institute (ABI) reported that total bankruptcy filings in the United States decreased 12 percent in 2011.
ALEXANDRIA, Va. — The American Bankruptcy Institute (ABI) reported that total bankruptcy filings in the United States decreased 12 percent in 2011.
Bankruptcy filings totaled 1,379 million for the 12-month period ending Dec. 31, 2011. The consumer filing total for calendar year 2011 was 1.304 million, an 11 percent decrease from the 1.469 million filing in 2012.
“The decline in total filings reflects the retrenchment in consumer spending associated with a down U.S. economy,” said Samuel J. Gerdano, ABI executive director. “As consumers continue to deleverage their debt and access to credit remains tight, bankruptcy filings will continue to decrease.”
Total filings for chapter 7, 11 and 13 bankruptcies all decreased during the12-month period ending on Dec. 31, 2011. The 965,423 total chapter 7 filings during the 2011 calendar year represented a 13 percent decrease from 2010.
Total chapter 11 filings reached 11,396 in calendar year 2011, a decrease of 17 percent from 2010. Total chapter 13 bankruptcies fell 8 percent to 401,588 filings.
States with the highest per capita filing rate (total filings per 1,000 population) during the 12-month period ending Dec. 31, 2011, were Nevada (8.98), Georgia (7.35), Tennessee (7.34), Utah (6.53) and Alabama (6.37).
The report also show that the 96,264 total filings recorded in December 2011 represented a 16 percent decrease from December 2010.
For more information, visit www.abiworld.org.
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