Consumer Bankruptcies Down (Again) in 2011

According to this press release from the American Bankruptcy Institute, total consumer bankruptcy filings in the first 9 months of 2011 totaled 1,044,722: a 10% decrease from the 1,165,172 filings recorded during the same period a year ago. The statistic is based on data from the National Bankruptcy Research Center (NBKRC).

September consumer bankruptcies decreased 17% from September 2010. Data showed that consumer filings in September reached 108,517 – down from the 130,329 recorded in September 2010.

“The trend of declining filings has been consistent with consumers continuing to reign in their spending, household debt, and an overall pull back in consumer credit,” said ABI Executive Director Samuel J. Gerdano. “Total consumer filings for 2011 will be less than 2010.”

The September 2011 filings also represented a 4 percent decrease from the August 2011 consumer bankruptcy total of 113,432 filings, a slight change that could be the result of one less day in the month. The percentage of chapter 13 filings for September was 30 percent, a one percent increase from August.