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Records Says Bankruptcy Filing is on Decline

At the end of June 30, 2012 U.S. courts have received total 1,311,602 petitions that are fourteen percent lower in comparison of previous year’s bankruptcy petitions for same period up to 30 June 2011. These reports has released by Administrative officer of U.S. court recently.

Bankruptcy filing mainly involves non-business debts. This also gets cleared from the statistics report. It has been calculated that majority of bankruptcy cases filed between June 30 2011 to June 30 2012 were to personal or consumer in nature. However, personal bankruptcy cases were also lower in number comparatively previous year. It was lower with 14 percent from 1477426 to just 1267167 at the end of current year. If you see the report of final quarter of the year then you will find that only 325,693 individual bankruptcy cases were filed in this period that was lower with 14 percent from same period of previous year with 379,790. Here, it can clearly be said that bankruptcy filing is lower in every aspect in comparison of previous year.

Lower filing is also recorded if you study statistical data according to different chapters of bankruptcy. Chapter 7 and chapter 13 are two popular bankruptcy chapters among individuals which have also experienced down in current fiscal year. It has been recorded that there is fall in bankruptcy filing of chapters 7, 11, 12 and 13 in 12 months period end at 30 June 2012 in compare of 12 months period ends at 30 June 2011.

Chapter 7 filings contain only 914,015 falling with 16 percent. However, it constitutes 70 percent of total filings. Chapter 13 filings are 385,949 and chapter 11 filing is 10,921. Chapter 12 filing contains lower number and it is just 582. Experts told that bankruptcy is not always bad option to eliminate debts. It gives you an opportunity to start with beginning. If you have debt consolidation option then compare the options and get out of debt problems.

 

 

 

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