Consumer Bankruptcy filings Decrease 8 Percent in First Half of 2011
U.S. consumer bankruptcy filings totaled 709,303 nationwide during the first six months of 2011 (Jan. 1-June 30), an 8 percent decrease from the 770,117 total consumer filings during the same period a year ago, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). The overall June consumer filing total of 119,768 represented a 5 percent decrease from the 126,270 filings recorded in June 2010.
This graph shows the non-business bankruptcy filings by quarter using monthly data from the ABI and previous quarterly data from USCourts.gov.
Note: The spike in 2005 was due to the so-called “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005″. (a good example of Orwellian named legislation).
It is possible that consumer bankruptcy filings peaked in 2010, but they will probably stay elevated for some time.
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