Bankruptcy Happenings - February 22, 2011


Statistics show that the number of bankruptcies nationwide has fallen in January, continuing the downward trend since bankruptcies peaked in last year. In January, bankruptcy filings were about 90,000, significantly lower than the 100,000+ every month since January 2010. In December itself, the number of bankruptcies fell by 22%.

But before you start celebrating the end of the recession, take note of what some experts say. For instance, Susan Muzila, Morgan Drexen’s Strategic Director of Planning says, “The decline in bankruptcy filings during January doesn’t really show that there is improvement in the economy, January is typically the lowest filings month of the year. However, filings are down 9% on that of last year so this is a much better indicator on the economy of the US.”

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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