Bankruptcy Filings Down in 2012; Chicago Bankruptcy Attorney Hopes it is Sign of Improving Economy

Personal bankruptcy filings in 2012 have decreased from 2011, according to statistics from the United States courts. The number of personal bankruptcies in the one year period, ending on September 30, dropped significantly. The number of Chapter 7 bankruptcy filings dropped from 1,036,950 in 2011 to 874,337 in 2012-a 16 percent decrease. Chapter 13 bankruptcies dropped from 417,530 to 375,521, down 10 percent.

Chapter 7 bankruptcies still account for approximately 67 percent of all bankruptcies. The states with the highest number of filings per capita are Nevada, Tennessee and Georgia. The lowest are Alaska, District of Columbia and North Dakota.

Consumer default rates have also continued to decline over the same time-down 1.5 percent from a year ago.

These are signs of a recovering economy, and hopefully the trends will continue into 2013. Despite these improving numbers, many Americans are still struggling with debt, and bankruptcy could be a viable option. Please contact our firm for a free consultation.

Benjamin Brand Services-Chicago bankruptcy lawyer.

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