October Consumer Bankruptcy Filings Fall Nearly 20 Percent from Last Year

October Consumer Bankruptcy Filings Fall Nearly 20 Percent from Last Year

Contact: John Hartgen
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             [email protected]org

OCTOBER CONSUMER BANKRUPTCY FILINGS FALL NEARLY 20 PERCENT FROM LAST YEAR

November 2, 2011, Alexandria, Va.— U.S. consumer bankruptcy filings totaled 106,255 nationwide during October, a 19.6 percent decrease from the 132,173 total consumer filings recorded in October 2010, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). The October consumer filings also represented a 2 percent decrease from the 108,517 filings in September. Chapter 13 filings constituted 31.5 percent of all consumer cases in October, a slight increase from September.

"The declining filings correlate to tightened consumer spending and the overall pull back in consumer credit associated with a stagnant economy," said ABI Executive Director Samuel J. Gerdano. "We expect total 2011 consumer filings to be less than 2010."