Approximately five years after the United States economy took a nosedive, analysts have started to note possible signs of an economic turnaround. Unemployment claims are at their lowest level since 2008. U.S. GDP is in its tenth consecutive growth quarter. American retail spending is increasing. Additionally, President Obama stated his confidence in continuing economic growth. However, where does the fact that 2011 business and consumer bankruptcy filings were down (as compared to 2010) fall? Whether it is another encouraging signal that the bad economy is on its way out or simply has no correlation, bankruptcy filings this past year have fallen across the board.
Consumer Bankruptcy
Personal bankruptcy filings fell 12% in 2011, with only one out of every 175 Americans filing, compared to one out of 150 people in 2010. Coming off the heels of a steady rise in personal bankruptcy filings from 2005-2010, the American Bankruptcy Institute (ABI) had expected that trend … Read the rest