According to the U.S. Bankruptcy Court for the Western District of Texas, foreclosures dropped from 433 during the same time last year, to 381 during the first quarter of this year. Chapter 7 bankruptcy filings also took a dive, dipping down 13 percent when compared to the same month last year. The first quarter also saw a decline inChapter 13 filings as well, by 9 percent.
Bankruptcies filed by businesses also dropped during the beginning of 2011. In this area of Texas, just three businesses filed for bankruptcy in April, down from eight the month before. An additional seven businesses wanted to reorganize their debts, compared to 13 the prior year.