May 2011 Bankruptcies Down 16% over Last Year

According to the American Bankruptcy Institute’s Bankruptcy Brief, May consumer bankruptcies nationwide have decreased 16% from those of the same period last year. Data from the National Bankruptcy Research Center revealed that consumer bankruptcy filings for May 2011 totaled 114,803, down from 136,142 filings during May 2010.

To date during 2011, bankruptcy filings have decreased every month compared to those of last year. ABI Executive Director Samuel J. Gerdano stated, “’The continued drop in bankruptcies during 2011 reflects the pull-back in consumer credit over the past year, and a reduction in household debt.’”

May 2011 filings also showed a 15% decrease from the April 2011 consumer bankruptcy total of 134,720 filings.

If you are contemplating filing for a Chapter 7 or Chapter 13 personal bankruptcy, do not proceed without an experienced and knowledgeable bankruptcy attorney from Jacoby Meyers Bankruptcy Law at your side. For your free initial consultation, please call 800-260-1402.

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