The American Bankruptcy Institute, a bankruptcy filing research organization, recently reported that bankruptcy filings dropped in fiscal 2011.
A total of 1.47 million bankruptcies were filed in the U.S. through September. According to the ABI, this fiscal year’s filings were 8 percent lower than the total number of bankruptcies filed in fiscal 2010.
Overall, business bankruptcy filings were 18 percent lower in fiscal 2011 than in fiscal 2010. Personal bankruptcy filings also decreased by 11 percent.
1.06 million personal bankruptcies were filed between January 2011 and September 2011. Samuel J. Gerdano, executive director of the ABI, stated, “The decline in consumer bankruptcies is the residue of a sustained debt deleveraging by U.S. households.”
If you or someone you know is seeking assistance filing for personal bankruptcy in Birmingham, contact the Birmingham personal bankruptcy lawyers of GREENWAY BANKRUPTCY LAW, LLC at (205) 324-4000 to learn more about how we can help you.