In October, personal bankruptcies decreased for the fourth consecutive month. Experts suspect the decline in consumer bankruptcy filings is related to a decrease in the use of credit.
Executive director of the ABI Samuel Gerdano stated, “The declining filings correlate to tightened consumer spending and the overall pull back in consumer credit associated with a stagnant economy.”
This week, the National Bankruptcy Research Center and the American Bankruptcy Institute released data on bankruptcies filed in the U.S. in the month of October. According to the two, a total of 106,255 personal bankruptcies were filed across the country last month.
Compared to October 2010, 19.6 percent fewer personal bankruptcies were filed in the U.S. Last month’s personal bankruptcy filings also experienced a 2.1 percent month-over-month decrease.
If you or someone you know is considering filing for bankruptcy, contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about your filing options.