Consumer Bankruptcies Down in First Half of 2011


The number of Americans who filed for bankruptcy in January through June of this year decreased from the same period in 2010. According to data from the National Bankruptcy Research Center, 709,303 consumer bankruptcies have been filed in 2011. During the first six months of 2010, 770,117 consumer bankruptcies were filed. The 2011 numbers represent an 8% decrease from the number of filings in the first half of 2010.

Bankruptcy filings in June 2011 decreased 5% from the number of filings in June 2010.  However, the bankruptcy filings in June represent a 4% increase from May filings. The director of the American Bankruptcy Institute has said that the recent decrease in bankruptcy filings indicates that consumers are attempting to lower their debt.

In Minnesota, 10,376 consumer bankruptcies were filed in the first six months of 2011. This represents a 10% decrease from the 11,532 filings in the first half of 2010. June bankruptcy filings in Minnesota were down from May filings, and also down from the number of filings in June 2010 and June 2009.

 

Source:

Kara McGuire, Bankruptcies Decline in 2011,

https://www.startribune.com/lifestyle/blogs/125007464.html (accessed July 5, 2011).

Written by Hoglund Law

The attorneys of Hoglund law are licensed in Minnesota, Wisconsin and Ohio. Hoglund, Chwialkowski & Mrozik, PLLC is based in Roseville, Minnesota. In addition to handling cases involving bankruptcy & social security, Hoglund, Chwialkowski & Mrozik, PLLC handles faulty drugs and toxic exposure.

View all author posts →

Legal Blog Expert