A recent review of bankruptcy statistics have shown some interesting patterns over the last decade. Further, local bankruptcy filings mirror these national trends quite well each year highlighting some of the external factors influencing the numbers. The American Bankruptcy Institute reported that national filings dropped by almost 12 percent last year alone.
A Local Look
Perhaps the best news gained from these reports is that areas around the nation are all reporting local drops in the 2011 filing numbers, a hopeful sign of economic recovery.
Dallas-Fort Worth bankruptcy filings reportedly fell 14 percent in 2011, the lowest number of filings since 2008. Filings across Wisconsin are averaging a 10 percent decrease from 2010, the biggest decrease in over six years. Illinois hit a three year low, dropping approximately 16 percent in a 12 month period. Virginia reported a variable drop in filings across the state, but the overall drop averages to an impressive 22 percent in 2011.