Bankruptcy Cases Down For First Half Of 2011

A major economic indicator is showing a positive turn around for the first half of 2011, bankruptcies are down for the first half of the year by eight percent compared to the same period of 2011.

According to a report by the American Bankruptcy Institute filings fell to 709,303 between January 2011 and the end of June 2011, that’s compared to 770,117 last year.

The report also shows that June was a better month than 2010 with cases down from 126,270 to 119,768.

According to ABI Executive Director Samuel J. Gerdano:

“The drop in bankruptcies for the first half of the year shows the continued efforts of consumers to reduce their household debt and the overall pull back in consumer credit.”

The report also shows that unemployment at the beginning of 2011 dropped to 9 percent from a 2010 start of 9.7 percent.