Bankruptcy filings decline in May
- Share via
In the latest sign that the worst of the recession is receding, the American Bankruptcy Institute reported Wednesday that total filings were down 12% last month from the same period last year.
Total U.S. bankruptcy filings were down to 96,430 last month, the institute said.
Consumer bankruptcy filings were down 11% to 92,413. Business filings fell 25%, to 4,017.
“Sustained low interest rates, tighter lending standards and decreased consumer spending are assisting consumers and companies to shore up their balance sheets,” Samuel J. Gerdano, director of the institute said in a release.
Average nationwide per capita filings increased slightly in May compared with the rest of this year. That rate through May increased to 3.57 filings per 1,000 people. In April, the rate was 3.52.
The states with the highest per capita filing rates were Tennessee (6.76), Georgia (5.85), Alabama (5.75), Illinois (5.56) and Utah (5.44).
ALSO:
Private sector hiring disappoints
Skid row’s storage bins tell gritty tale
UCLA forecast paints dismal picture of ‘recovery’
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.