FITCH: Personal Bankruptcy Filings Fell For The First Time In 4 Years


Personal bankruptcies beat estimates for 2011, falling 11 per cent in 2011, Fitch reported today.  Specifically, bankruptcy filings fell 176,892 to 1,353,186 from 1,530,078 in 2010.

The agency had expected a more modest 5 per cent decline.

It was the first decline in four years..

The drop-off translated into a 37 per cent decline in credit card chargeoffs; bankruptcies usually make up between 20 and per cent of all chargeoffs.

Fitch expects to release its 2012 bankruptcy forecast in the coming weeks.