The number of personal bankruptcy filings dropped in January to its lowest level since in two years, according to a report tuesday. consumer bankruptcies fell 22% to 92,669 filings last month.
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A spot of good news on the finance front. Personal bankruptcy filings are down in Minnesota and across the nation. Through May, 8,740 households filed for bankruptcy in Minnesota, a 9 percent drop.
“The cause of the continued decline in filings. a couple years before bankruptcy statistics showed a negative influence on filings. In effect, the credit crunch prevented people from trying to.
Fitch Ratings, a global rating agency, attributes the decline to lower unemployment rates coupled with a recovering economy. Personal bankruptcy rates are expected to decline by eight to 10 percent, marking the fourth consecutive year of lower instances of personal bankruptcy protection petitions.
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Compared to 12 months earlier, when the number reached 440, the number of personal bankruptcies in Alberta is up 2.3 per cent. Total consumer bankruptcies had been falling throughout 2017 until they picked up again in August and October. Part of this increase has to do with rising borrowing costs.
At the same time, the number of businesses across the country filing for bankruptcy fell when compared with January 2008. have been a steady increase in the number of personal bankruptcies, as well.
Seven years ago, there were almost 2,600 personal bankruptcies filed in Wake County. By last year, that number had dropped by 40 percent to just 1,537.
Norwood-based Rugged Bear’s Chapter 11 bankruptcy filing in January is one of the only large, local companies to file for bankruptcy protection in the state this year. Nationally, the number of.
· Bankruptcy filings by individuals are off sharply this year compared to 2010, reflecting a modest improvement in household finances in the Bay State.
Barneys New York has filed for Chapter 11 bankruptcy protection. posted a loss and a sales decline in its most recent.
Research suggests that bankruptcies may actually increase during periods of economic growth rather than during economic downturns.6 For example, personal bankruptcies have grown over the past 25 years in the presence of relatively rapid income growth. In addition, consumer debt as a percentage of disposable personal income has risen from 11.1.