Bankruptcy Statistics Show Decline

The state of Indiana received good news last month: it had fewer bankruptcies during the last fiscal year compared to the previous year.

According to one recent report, the state saw an 8 percent decrease overall. This accounts for bankruptcy cases filed between Oct. 1, 2010 and Sept. 30, 2011. In total, the nation saw a significant decrease in bankruptcy filings from the year before. In 2010, there were 1,596,355 bankruptcy filings. Last year, 1,467,211 cases were filed in courts nationwide.

The three most common forms of bankruptcy all saw a decline over the past year. Chapter 7 bankruptcies dropped 10 percent, Chapter 11 filings decreased by 16 percent and Chapter 13 bankruptcies dropped just four percent.

As for Indiana, the state saw 41,199 bankruptcy cases filed. The previous year saw 48,438 bankruptcy cases brought to the state's courthouses.

Are you in serious debt? Do you want to file for bankruptcy to address your debt? Contact Bizar & Doyle, LLC today to set up your initial consultation with one of our Chicago bankruptcy attorneys to learn more about your debt options.