Minnesota bankruptcies fall to lowest level in four years

Consumer bankruptcy cases filed in Minnesota dropped 11.3 percent in fiscal 2012, according to data released by the Administrative Office of the U.S. Courts. The Star Tribune reports there were 17,666 filings in the 12 month period that ended on Sept. 30 -- the fewest since 2008.

Author:
BMTN Staff
Updated:
Mar 8, 2018
Original:
Nov 8, 2012

Consumer bankruptcy cases filed in Minnesota dropped 11.3 percent in fiscal 2012, according to data released by the Administrative Office of the U.S. Courts. The Star Tribune reports there were 17,666 filings in the 12-month period that ended on Sept. 30 -- the fewest since 2008.

"It's an encouraging sign for the economy. It makes me think about getting into a different line of work," Tim Theisen, a bankruptcy attorney in Anoka, told the newspaper.

Nationally, bankruptcy filings fell 14 percent over the same period, the Huffington Post reports.

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Continuing a two-year trend, bankruptcy filings in Minnesota declined in the first half of 2012, dropping 11.5 percent from the same period last year, according to figures from U.S. Bankruptcy Court. Through June, there were a total of 9,178 bankruptcy filings, both business and personal.

The U.S. Department of Agriculture says last year's beverage milk sales fell to the lowest level since 1984. One expert blames the drop on consumers shifting toward bottled water, tea and sports drinks, the Milwaukee Journal Sentinel reports. The Wisconsin Milk Marketing Board says yogurt consumption is up 400 percent from 30 years ago. Cheese sales are also up.

KARE 11 reports in his bankruptcy filings, H. Cliff Harris says he owes between $10 million to $50 million to more than 200 different creditors. Some Papa John's employees say they were unable to cash this week's paycheck.

The Pioneer Press reports fewer Minnesotans are finding themselves in dire financial straits as the economy continues its slow recovery. Bankruptcy filings are down about 13 percent from a year ago.

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