U.S. Consumer Bankruptcy Filings Fall in September

Posted on October 4, 2011 at 4:13pm by

Fewer individuals filed for bankruptcy protection in the United States in September as consumers held back on spending, household debt and other borrowing, according to the American Bankruptcy Institute.

Total consumer bankruptcy filings in 2011 are also expected to be less than in 2010, the research group said on Tuesday.

The monthly report comes amid persistent concerns about the health of the global economy, volatile financial markets and high U.S. unemployment.

Consumer bankruptcies fell 17 percent to 108,517 in September from 130,329 a year earlier and are down 10 percent for the first nine months of the year, according to the institute report, which is based on data from the National Bankruptcy Research Center.

Consumer bankruptcy filings, which can be made under four codes of U.S. bankruptcy law, declined 4 percent from 113,432 in August, which was one day shorter than September.

The ABI’s members include lawyers, judges, accountants and other bankruptcy and restructuring experts.