Personal bankruptcies decrease in 2011

Last week, the National Bankruptcy Research Center announced that personal bankruptcies decreased by 12 percent in 2011.  A total of 1.35 million people in the U.S. filed for Chapter 7 or Chapter 13 bankruptcy last year.

In 2010, about 1.5 million people filed for personal bankruptcy.  While about 1 in every 150 Americans filed for bankruptcy in 2010, about 1 in every 175 Americans filed for bankruptcy in 2011.

Last year, Chapter 7 bankruptcies filed in the U.S. deceased by 17 percent, and Chapter 13 bankruptcies decreased by 25 percent.  Chapter 7 and Chapter 13 bankruptcies are the most common types of bankruptcy in the U.S.

Bankruptcy filings increased slightly in late 2011.  Because of this, experts expect to see growth in bankruptcy filings in 2012.

To learn more about the benefits of filing for personal bankruptcy, contact the Birmingham personal bankruptcy attorney, Paula Greenway, at (205) 324-4000 today.

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