March 16, 2011

Bankruptcy Filings Ticked Up Last Month

Consumer bankruptcy filings ticked up in February, but so far the rise has slowed from 2010.

The number of personal bankruptcy filings rose 11% to 102,686 in February compared to a month earlier, the American Bankruptcy Institute and the National Bankruptcy Research Center reported recently.

“Though consumers are striving to reduce their debt burden, high unemployment and a still-poor housing sector continue to fuel new bankruptcies,” Samuel J. Gerdano, the American Bankruptcy Institute’s executive director.

Compared to the same time a year ago, however, personal bankruptcies fell 8%. While it’s still early, data for the first couple months of the year could indicate that consumers won’t have a repeat performance of the surge in filings in 2010. More than 1.6 million consumer bankruptcy filings were reported last year — the highest level in five years.

A more tempered pace of filings is partly from consumers saving more and paying down their debts. It’s also because less credit has been available, which makes it harder for Americans to incur new debts.

Tags: bankruptcy, debt, housing, saving money

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