Bar News - June 15, 2012
Bankruptcy Filings Down in 2012
Bankruptcy filings in all categories are down in 2012.
Last month, 343 households and businesses filed for bankruptcy, 19.5 percent fewer than the 426 that filed in May 2011. Five businesses filed for bankruptcy in May, compared to six in April and five in March.
For the first five months of the year, there were a total of 1,808 bankruptcies, including 10 Chapter 11 filings and 433 Chapter 13 filings. (Compare that to 51 and 1,087 respectively for all of 2011.)
On the consumer side, Chapter 7 personal bankruptcy filings totaled 1,365 from January through May 2012, well off the 300 per month pace of 2011.
Total filings in 2011 were down almost 14 percent from 2010.