Consumer Bankruptcies Decrease in July
According to the American Bankruptcy Institute, consumer bankruptcy filings in July were down 18% from July 2010. Nationally, 113,470 consumer bankruptcies were filed in July of this year. In July 2010, 137,698 consumer bankruptcies were filed. The decrease in July continues the downward trend in bankruptcy filings in 2011. The number of filings in July represents the seventh straight month in which bankruptcy filings were lower than 2010 filings. July consumer bankruptcy filings were also down 5% from the number filed in June of this year.
Samuel J. Gerdano, the Executive Director of the American Bankruptcy Institute, has said that “the continued decline in consumer bankruptcies in tandem with a sluggish economy is a reflection of the deleveraging of household debts and tightening of consumer credit over the past year.” Total consumer bankruptcy filings for 2011 are expected to be lower than the number filed in 2010.
July Consumer Bankruptcy Filings Fall 18 Percent From Last Year, https://www.abiworld.org/AM/Template.cfm?Section=Home&CONTENTID=64221&TEMPLATE=/CM/ContentDisplay.cfm (accessed August 9, 2011).