Although the decline is small, bankruptcy rates are falling after years of record-breaking figures.

Nationwide, bankruptcy filings have declined by 8 percent over the twelve-month period ending in April of this year. Some states have seen greater declines than others, such as New Mexico. According to the New Mexico Bankruptcy Court, bankruptcy cases are down by 12 percent when compared to the same time last year.

In total, 4,855 bankruptcy cases were filed in October 2011; a year before, that figure was up at 5,618. The national figures are even more startling, with 1,467, 221 bankruptcies filed in 2011. Yet both personal and business bankruptcies are on the decline. Of these, 49,895 were filed under business bankruptcies of different chapters.

Are you interested in filing for bankruptcy? If so, contact the Malaise Law Firm to learn more about your options when you take the time to consult with one of our experienced Houston bankruptcy lawyers.