If you’re looking for some not-so-bad news on the economy, here’s a morsel for you: The number of individuals filing for bankruptcy during the first six months of 2011 is down significantly compared to the same time period in 2010.
According to the American Bankruptcy Institute and the National Bankruptcy Research Center, personal bankruptcy filings as of June had totaled 709,303, down 8% year over year. In June alone, that number was 5% lower than it was in June 2010.
“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 pull back in consumer credit,” said Samuel Gerdano, executive director of the American Bankruptcy Institute.
More than 1.5 people filed for personal bankruptcy in 2010.
Consumer bankruptcies decrease in first half of 2011 [Chicago Tribune]