Bankruptcy Filings Lower in October

Good news - bankruptcy filings are on the decline across the country, giving hope that the economy may slowly be starting to repair itself.

According to one researcher, the filings for October 2011 fell almost twenty percent when compared to the same period last year. In total, there were 106,255 consumer bankruptcy filings this year; in 2010, 132,613 filings were submitted across the nation. The figures for October 2011 also show a slight decrease from the month before, just 2 percent, but a decline nonetheless.

Of those cases filed in October this year, 31.5 percent were Chapter 13 filings. Financial experts state that the decline in bankruptcy filings can be attributed to two things: a decline in consumer spending as well as a curtailing of issuing new lines of credit to consumers. Based on these continuing trends, many experts believe that there will be less bankruptcy filings reported in 2011 than 2010, a trend that will hopefully continue on into 2012.

If you plan to file for bankruptcy in 2011, be sure to contact Bizar & Doyle, LLC to enlist the services of one of our experienced Chicago bankruptcy attorneys immediately. With our help, you'll find the process to be much easier.