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Bankruptcies Fall 8% in Fiscal 2011 on Lower Debt, ABI Says

U.S. bankruptcies fell 8 percent in the year through September to 1.47 million as consumers reduced debt and fewer businesses sought to reorganize or liquidate, the American Bankruptcy Institute said.

Business bankruptcies declined 18 percent in the first nine months of the year, with Chapter 7 filings down 18 percent and Chapter 11 reorganizations decreasing 22 percent from the same period in 2010, the ABI said today, citing data from the Administrative Office of the U.S. Courts. Business bankruptcies include filings under Chapters 7, 11, 12 and 13, ABI said.