One million consumers filed for bankruptcy during the first nine months of 2011, compared with 1.1 million filings during the same period last year, according to the American Bankruptcy Institute.
There were 108,517 consumer bankruptcy filings in September, a 17% drop from the 130,329 filings in September 2010. Last month’s figures also represented a 4% drop from the 112,432 filings in September. The American Bankruptcy Institute based its data on information from the National Bankruptcy Research Center.
“The trend of declining filings has been consistent with consumers continuing to reign in their spending, household debt, and an overall pull back in consumer credit,” American Bankruptcy Institute Executive Director Samuel J. Gerdano said in a statement. “Total consumer filings for 2011 will be less than 2010.”