Bloomberg News

Personal Bankruptcy Filings Decline in 2011, Institute Says

July 05, 2011

July 5 (Bloomberg) -- Personal bankruptcies in the U.S. fell in the first half of the year as Americans found other ways to reduce debt, the American Bankruptcy Institute said.

Consumers filed 709,303 bankruptcies through June, 7.9 percent fewer than in the same period a year earlier, Alexandria, Virginia-based ABI said today in a statement.

“The drop in bankruptcies for the first half of the year shows the continued efforts of consumers to reduce their household debt, and the overall pullback in consumer credit,” ABI Executive Director Samuel Gerdano said in the statement.

Filings in June rose 4.3 percent from a month earlier, when personal bankruptcies declined the most since October 2006. Consumers filed 114,803 bankruptcies in May, down from 136,142 a year earlier, the ABI reported last month.

--Editor: Stephen Farr

To contact the reporter on this story: Dawn McCarty in Wilmington, Delaware, at dmccarty@bloomberg.net.

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.


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