Bankruptcy Filings Fell 12% in 2011

March 12, 2012
By John T. Ambrosio, Esq. on March 12, 2012 6:07 AM |

As reported in the New York Times, Bankruptcy filings fell nearly 12 percent in 2011 from the year before.

During 2011, there were approximately 1.4 million bankruptcy filings. The vast majority of the filings -- about 70 percent -- are Chapter 7 bankruptcies, which allow individuals to avoid repaying their debts if they pass a means test. The substantial majority of the remaining filings were under Chapter 13 of the Code, which requires filers to pay back a portion of their debts over three to five years.

Anyone wishing to discuss their options under the bankruptcy code should call to make an appointment.