Bankruptcy Filings Down in Fiscal Year 2011

United States bankruptcy filings decreased 8% in fiscal year 2011 as compared to fiscal year 2010.  Total filings dropped from nearly 1.6 million in fiscal year 2010 to just under 1.47 million in fiscal year 2011.  Of further note, filings dropped 15% in the fourth quarter of the fiscal year compared to the fourth quarter of 2010.

Business bankruptcy filings fell 14% to just under 50,000 in fiscal year 2011 compared to over 58,000 in fiscal year 2010.  Non-business bankruptcy filings fell 8% to just over 1.4 million in fiscal year 2011 compared to over 1.5 million in fiscal year 2010.

More specifically, Chapter 7 bankruptcy filings totaled just over 1 million in fiscal year 2011 compared to just under 1.15 million in fiscal year 2010, resulting in a 10% decrease.  Chapter 13 filings fell 4% from over 434,000 in fiscal year 2010 to over 417,000 in fiscal year 2011.  More detailed statistics can viewed on the Unites States Courts website at:  http://www.uscourts.gov/News/NewsView/11-11-07/Bankruptcy_Filings_Down_in_Fiscal_Year_2011.aspx  Additionally, for more Kansas City bankruptcy information please visit my website at http://www.thesmalleylawfirm.com/