The number of personal bankruptcy filings in February rose to 102,686, up 11% from January but down 8% from a year earlier, according to the American Bankruptcy Institute and the National Bankruptcy Research Center.
The first few months of the year could indicate that consumers will not repeat the surge in filings in 2010. More than 1.6 million consumer bankruptcy filings were reported last year, the highest level in five years.
“Though consumers are striving to reduce their debt burden, high unemployment and a still-poor housing sector continue to fuel new bankruptcies,” Samuel J. Gerdano, the institute’s executive director.
For now, consumers saving more and paying down their debts are attributing to the slower pace of filings, as is less credit being available, which makes it more difficult to incur new debts.
