Bankruptcy filings have been a good indication of the overall consumer demand or need for debt relief services. As bankruptcy demand declines, so does the demand for other debt relief options such as debt settlement, and credit counseling.
Data out just today shows a 14 percent drop in bankruptcy filings for the 12 month period ending June 30, 2012.
For the 12-month period ending June 30, 2012, filings fell for chapters 7, 11, 12, and 13 compared to filings in the 12-month period ending June 30, 2011.
Chapter 7 filings, which constitute 70 percent of all filings, fell 16 percent to 914,015 from the 1,083,671 Chapter 7 filings in the 12-month period ending June 30, 2011.
Chapter 13 filings, which account for 29 percent of all filings, fell 11 percent to 385,949 from the 432,333 Chapter 13 bankruptcies filed in the same time period in 2011.
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