Bankruptcy filings fall 35 percent in Minnesota

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The number of bankruptcy filings is down 35 percent in Minnesota this year in comparison to the peak of filings in 2010, Minnesota Public Radio reports.

Bankruptcy expert Melissa Jacoby with University of North Carolina at Chapel Hill, tells MPR the lower amount of filings "are not necessarily aligned with either the overall economy and how well it's doing or the financial distress of people."

Another signal of the thinning amount of filings is a smaller demand for bankruptcy lawyers, Jacoby says.

Bankruptcy filings also appear to be on the downturn nationwide.

Mortgage Daily reports that in August, consumer filings were down three percent from July.

The publication says there were 88,902 filings last month, down from 104,471 filings in August 2012.

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