Personal Bankruptcy Filings Down in 2011
Despite the economy still
struggling to rebound, and the consequential impact many families
are still feeling, personal bankruptcy filings have dropped in 2011
from their 2010 levels.
Many experts suggest that the lower level
of bankruptcy petitions is reflective of the overall trend of
consumers pulling back from their spending habits in response to
the economy. This is further evidenced by the relatively low index
of consumer confidence.
According to the Wall Street
Journal, as of June there were 709,303 bankruptcy petitions
filed in 2011, which is a 7.9% decrease from this time last year.
During the whole of 2010, bankruptcy courts saw 1.5 million
filings, which is the highest number since Congress overhauled
bankruptcy regulations in 2005.
If you are facing a potential
bankruptcy, keep in mind that there are other options available to
you that might suit your needs better. Feel free to contact us at
888.724.2227 for a free consultation with an NFCC certified credit
counselor to explore your options.