Bankruptcy filings continue decline in 2012

By: KIMBERLY ATKINS, BridgeTower Media Newswires//February 11, 2013//

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In a continuation of the downward trend that began in 2011, bankruptcy filings in federal courts declined during calendar year 2012, according to data released by the Administrative Office of the U.S. Courts.

According to the data, 1,221,091 bankruptcies were filed in 2012, a 13 percent drop from the year before.

Most of the filings (1,181,016) were not business related. They also decreased 13 percent from the year before. Business filings fell 16 percent to 40,075.

Filings under Chapter 7 of the Bankruptcy Code were down 15 percent to 843,545, according to the data. Chapter 11 filings fell 10 percent to 10,361, while Chapter 13 filings dropped 10 percent to 366,532. The 512 Chapter 12 filings represented a 20 percent decline.

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