Bankruptcy numbers decrease during first quarter of 2012
With lenders having slowed the pace of foreclosures, the number of bankruptcy filings has dropped as well.
In the first quarter of 2012, the 3,879 cases filed in the Las Vegas division of the District of Nevada ran 20.2 percent lower than a year ago and 31.7 percent lower than in 2010. The biggest drop, nearly half, came in Chapter 13 debt repayment plans for wage-earning individuals. But Chapter 7 liquidations and Chapter 11 reorganizations for both companies and people with high debt loads declined as well.
Because the desire to save a home often drives individuals to bankruptcy as a last resort, attorneys have said that the bank slowdown has made a difference. In addition, bankruptcy numbers have historically followed cycles, with the numbers falling off as the economy shows signs of rebounding.
Contact reporter Tim O'Reiley at toreiley@reviewjournal.com or 702-387-5290.
