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Personal bankruptcy filings down for first six months of 2011

When looking at last month as compared to June of 2010 there was a 5 percent decrease in the overall number of personal bankruptcies filed. As of now many analysts are reporting this trend to actually be in the opposite direction of earlier predictions, and has some viewing this decrease as representing an upturn in the economy that had been down for a number of years.

According to the National Bankruptcy Research Center and the American Bankruptcy Institute there were 126,270 personal bankruptcy filings reported in 2010 for the month of June. However, for this year that nationwide number of filings decreased by 5 percent with 119,768 bankruptcies filed.

In addition, the overall number of filings also reportedly decreased by 8 percent for the first six months of this year as compared to last year.

However, when looking at these most recent personal bankruptcy numbers and the viewpoint of this decrease being a positive signal of the economy, it is still important to realize that these percentages just reflect an overall number, and that there are still a number of residents living in Florida and throughout the country that are still financially struggling.

And for those who are not reaping the benefits over this reported uptick in economic conditions, filing for either a Chapter 11, Chapter 13 or Chapter 7 bankruptcy may be one way to either discharge unmanageable debt, or even create a repayment plan to be able to at least be more in control of that debt without having to deal with repeat calls from creditors.

Source: Chicago Tribune, "Consumer bankruptcies decrease in first half of 2011," Ameet Sachdev, 5 July 2011

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