CHICAGO, IL (August 6, 2012) –”Bankruptcy filings slide this year: Declines occur in personal, business and farm areas” BY JOHN FLYNN ROONEY
Bankruptcy filings dipped 14 percent in the 12-month period ending June 30, the Administrative Office of the U.S. Courts reported.
Across the nation, 1,311,602 bankruptcy petitions got filed as of late June, figures released Friday report. That represents a 14 percent decrease compared to 1,529,560 petitions filed for the year period ending June 30, 2011.
The bulk of bankruptcy filings relate mostly to nonbusiness debts, predominantly personal or consumer in nature, the adminis- trative office said in a statement.
The nonbusiness filings for the period ending June 30 also fell 14 percent to 1,267,167, the figures show.
Richard S. Lauter, a Freeborn & Peters LLP partner and chairman of that firm’s bankruptcy, reorgani- zation and creditors’ rights practice group, said “the recession has bottomed out.” Click here to read the full article.