(CN) – The number of federal bankruptcy actions fell by 8 percent in 2011 since the previous fiscal year, the Administrative Office of the U.S. Courts said Monday.
Bankruptcies involving businesses declined by 14 percent in the 12-month period ending Sept. 30, and non-business bankruptcy filings fell by 8 percent, according to court statistics that show a significant drop in filings of all four kinds of bankruptcy.
Chapter 11 cases dropped by 16 percent, and Chapter 7 filings fell by 10 percent over the previous fiscal year. Both Chapter 12 and Chapter 13 filings declined by 4 percent.
The downward trend picked up speed in the fourth quarter of Fiscal Year 2011, with total bankruptcy filings down 15 percent from the final quarter of Fiscal Year 2010.