The Number of Bankruptcies are Falling
The number of national consumer bankruptcies have fallen 6% in the first quarter of 2011. There were 340,012 consumer bankruptcy filings from January 2011 to March 2011, which was down from 363,215 last January 2010 to March 2010.
This is according to the American Bankruptcy Institute using data from the National Bankruptcy Research Center.
There were 144, 657 filings in March 2011, up 41% from February’s total filings of 102,686, but down from March 2010 when there were 149,268 filings. The total number of filings in 2010 was the highest since 2005, when there was a rush to file before BAPCPA went into effect that October. Even consumer credit outstanding has fallen the last two years according to data from the Federal Reserve.
“Though bankruptcy filings are still elevated, consumers continue to take steps to reduce debt levels and shore up their finances,” said ABI Executive Director Samuel J. Gerdano. “As a result, we now expect that consumer bankruptcy filings will dip below the 1.5 million filings recorded last year.”
If you are considering filing Chapter 7 or Chapter 13 Bankruptcy in Maryland, please call us today for a free consultation. We are bankruptcy attorneys in Maryland who have over 20 years of combined experience. Our phone number is (410) 766-4044 or (301) 587-8900. Our phones are answered 24 hours a day, 7 days a week. We are known for our excellent service and reasonable prices. Chapter 7 Bankruptcy will eliminate credit card debt, medical bills, judgments, repossessions, mortgage deficiencies and other unsecured debts. Chapter 13 Bankruptcy will prevent a foreclosure.
We look forward to hearing from you soon.