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Bankruptcy filings down in 2011
By: DOLAN MEDIA NEWSWIRES//February 10, 2012//
Listen to this articleThe number of new bankruptcy filings fell in 2011.
Though quarterly data released in November showed the first drop in filings since the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 took effect, the latest data showed the first drop in new bankruptcy cases over the course of an entire calendar year.
According to the Administrative Office of the U.S. Courts in Washington, bankruptcy filings fell 11.5 percent from the year before to 1,410,653.
As usual, the vast majority of cases filed – nearly 97 percent – involved non-business debts. Non-business debts dropped 11.3 percent from the year before, while business debts fell 15.1 percent, according to the most recently released data.
Chapter 7 filings fell 12.9 percent to 992,332 in 2011, while Chapter 11 filings fell 15.9 percent to 11,529 and Chapter 13 filings fell 7.5 percent to 406,084.
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