Calif. Bankruptcies decline faster than U.S. filings

Almost 99,000 individuals and businesses filed for bankruptcy in California during the first six months of 2012, down 22 percent from the same period in 2011, according to federal court data compiled by the American Bankruptcy Institute and Epiq Systems Inc.

California accounts for almost one in six bankruptcies filed nationwide and more than any other state. However, because of its large population, the Golden State ranks 10th in the number of bankruptcies per capita, 5.35 filings per 1,000 population.

Nationwide, individuals filed 601,184 bankruptcies during the first half of 2012, a 13 percent drop from a year earlier, and commercial enterprises filed 30,946 bankruptcies, down 22 percent, the ABI reports.

“We are on pace for perhaps the lowest total new bankruptcies since before the financial crisis in 2008,” said ABI Executive Director Samuel J. Gerdano. “With sustained low interest rates and weak consumer spending, we expect bankruptcies to stay at relatively low levels through the end of 2012.”

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