Bankruptcies Drop In 2011
In a positive sign for the state's economy, bankruptcy filings in Massachusetts fell nearly 15 percent last year, according to the Boston-based Warren Group.
Filings fell to 19,744 last year from 23,125 in 2010, Warren Group said.
"It indicates that consumers are more optimistic about their ability to pay off debt and clean up their financial situations," Warren Group CEO Timothy M. Warren Jr. said in a statement.
Chapter 7 bankruptcies, the most common bankruptcy type, also known as liquidations, fell 16 percent to a total of 14,716 in 2011.
Chapter 11 bankruptcies, most commonly used for businesses to reorganize themselves, also fell, dropping 9 percent to 215.
Filings under Chapter 13, which lets filers pay off their debt over time, fell 11 percent to 4,813.
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