Report: Personal Bankruptcy Filings decline 11% year-over-year in May

From the American Bankruptcy Institute: May Bankruptcy Filings Decrease 12 Percent from Previous Year, Business Filings Decrease 25 Percent

Total bankruptcy filings in the United States decreased 12 percent in May over last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 96,430 in May 2013, down from the May 2012 total of 109,538. Consumer filings declined 11 percent to 92,413 from the May 2012 consumer filing total of 104,197. Total commercial filings in May 2013 decreased to 4,017, representing a 25 percent decline from the 5,341 business filings recorded in May 2012.
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"Sustained low interest rates, tighter lending standards and decreased consumer spending are assisting consumers and companies to shore up their balance sheets,” said ABI Executive Director Samuel J. Gerdano. “As households and businesses remain committed to deleveraging, the number of filings will continue to decrease.”

Personal bankruptcy filings peaked in 2010 at 1.54 million (highest since the bankruptcy law change in 2005). Filings declined to 1.22 million last year, and will probably be just over 1 million this year - the lowest level since 2008. Note: Even in good economic years, there are around 800 thousand personal bankruptcy filings.

This is another indicator of a little less financial stress.