According to a report by the American Bankruptcy Institute, U.S. consumer bankruptcies have fallen 8% in the first half of 2011, as compared to the same time period in 2010.
Last year, bankruptcy filings for the first six months of the year totaled 770,117. This year, bankruptcy filings dropped by more than 60,000. Statistics from June of 2011 alone showed that bankruptcy filings were down approximately 6,500 from June of 2010, a 5% decrease.
The American Bankruptcy Institute report indicated that the U.S. economy is continuing its somewhat sluggish recovery from the recession that lasted from 2007 to 2009. One such indication of the improving economy is the 0.7% decrease in the unemployment rate at the beginning of this year as opposed to the beginning of 2010. The unemployment rate dropped from 9.7% to 9%.
Although the economy is improving, many Americans are still drowning in debt and facing
foreclosure. If you are looking for experienced legal help in the Long Island area, turn to a professional at Jacoby & Jacoby. The firm represents consumers in
Chapter 7 and
Chapter 13 bankruptcy filings, providing the level of personal service and experienced guidance that helps you take full advantage of the many benefits that bankruptcy may have to offer you.
Contact a Long Island bankruptcy lawyer at the firm today.