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The Bankruptcy Courts
Filings of bankruptcy petitions declined 8 percent to 1,467,221. This was the first reduction since 2007, when filings plunged after the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 took effect. Filings for 2011 were lower in 87 of the 90 bankruptcy courts. Nonbusiness petitions fell 8 percent, and business petitions dropped 14 percent.
Bankruptcy petitions decreased 10 percent under chapter 7, 16 percent under chapter 11, and 4 percent under chapter 13.