Wednesday, November 09, 2011
Good news for the U.S. economy has surfaced in the nation’s bankruptcy courts, where filings are down for the first time since 2005.
Individuals and businesses collectively filed 1,467,221 bankruptcy cases in fiscal year 2011, down 8% from 2010’s total of 1,596,355, according to the administrative office of the U.S. Courts.
The drop in FY 2011 was helped in large part by a decline in filings during the fourth quarter, when 15% fewer filings were made compared to the same period in 2010.
Business bankruptcy filings in 2011 numbered 49,895—a reduction of 14% from the 58,322 cases reported during the previous year.
Non-business bankruptcy filings totaled 1,417,326, a drop of 8% from the 1,538,033 filings in 2010.
-Noel Brinkerhoff
Bankruptcy Filings Down in Fiscal Year 2011 (United States Courts)
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