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Bankruptcy filings fall for first time since abuse act of ’05
By: KIMBERLY ATKINS, BridgeTower Media Newswires//November 17, 2011//
Bankruptcy filings fall for first time since abuse act of ’05
By: KIMBERLY ATKINS, BridgeTower Media Newswires//November 17, 2011//
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The number of bankruptcy cases filed in fiscal 2011, the 12-month period that ended in September, dropped 8 percent over the year before – the first decline since the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 took effect.
The 1,467,221 filings represent an 8 percent decrease from the previous year, according to statistics released by the Administrative Office of the U.S. Courts.
The office reported a decrease in both business-related and personal filings. Business bankruptcy filings were down 14 percent to 49,895, and non-business filings were down 8 percent to 1,417,326.
The majority of the filings – 1,036,950 – were made under Chapter 7 of the bankruptcy code. Chapter 7 filings dropped 10 percent over the previous 12-month period. Chapter 13 filings fell 4 percent, Chapter 11 filings were down 16 percent and Chapter 11 filings dropped 4 percent.
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