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Business bankruptcies drop in 9 months

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By Steven Church C.2012 Bloomberg News
Thursday, Oct. 4, 2012, 12:01 a.m.

Commercial bankruptcies fell 22 percent in the first nine months of 2012 compared with the same period a year ago, continuing a trend that began as early as January, the American Bankruptcy Institute said.

Businesses filed 44,750 bankruptcies from January through the end of September, while 57,613 were filed in the first nine months of 2011, Alexandria, Va.-based ABI said. The drop is attributable in part to low interest rates, Executive Director Samuel J. Gerdano said in the statement.

Total filings fell 14 percent to 921,000, ABI said. Noncommercial filings, most of which are filed by consumers, fell 14 percent to about 876,000.

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