New York, July 6 (FinanceEnquiry.com) – The American Bankruptcy Institute and Epiq Systems Inc’s report says that Bankruptcy filings in the US have declined by 14% in first six months of 2012.
According the report, falling interest rates and preplanned budgeting to save funds have helped the companies to report less of bankruptcy.
The ABI report reveals that for the period between January 1 to June 30, the companies filed 632,130 new bankruptcy filings. The ABI and ESI together manage bankruptcy procedures for filers.
It also shows that some 601,184 consumers filed for bankruptcy for the period. The news data is less than 13% posted a year earlier. The report says, business bankruptcy filings fell 22% to 30,946.
In June 2011, some 100,000 bankruptcy were filed that is at the rate of 3,302 a day and the current trend shows 18% fall in the activity.
Speaking to press, Samuel J Gerdano, Executive Director of the Bankruptcy Institute said, ‘We are on pace for perhaps the lowest total new bankruptcies since before the financial crisis in 2008.’
Eastman Kodak , Mammoth Lakes and Houghton Mifflin Harcourt are some of the major companies who filed bankruptcy procedures during this period..
Maximum number of bankruptcy came from Nevada state, ie 7 in 1,000. Tennessee, Georgia, Utah and Alabama were other high bankruptcy states.
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