Consumer bankruptcy filings fell 6 percent in the first three months of 2011. From January to March this year, the American Bankruptcy Institute reported 340,012 Chapter 13 and Chapter 7 bankruptcy filings in the U.S. The 2010 total for the same period was 363,215. Although Georgia still ranks in the top five, the overall improvement, analysts say, is a sign that Americans may be doing a better job of managing their debt.

Filings in March jumped 41 percent over February, but the total was still under last March's 149,268. It's important to remember, too, that March is typically the highest month for filings. The theory is that consumers use their tax refunds to pay fees and filing costs.

The first three months of 2011 each showed a drop from the 2010 totals. According to one analyst, the worst of the bankruptcy crisis is over, because these declines were the first month-to-month declines logged in four years.

Notably, the last two years have seen filing rates become more disparate from region to region. The highest rates are usually reported in the Southwest and the Southeast. Remember, the filing rate is population-adjusted. Georgia may have had more bankruptcy filings last year, but the per capita rate was higher -- much higher -- in Nevada. Still, Georgia ranked second, with one-and-a-half times the national average of 1 per 700 people. And Georgia's Henry County had the most filings of any county nationwide, with three times the national average. Georgia had five of the top 10 counties in this category.

So far this year, Georgia's numbers have improved over last year's, falling 4 percent -- and last year's were 1 percent lower than the year before. In comparison, California, ranked fifth this year, saw filings increase by 5 percent over last year and a whopping 25 percent from 2009 to 2010.

Sources:

Westlaw News, "U.S. consumer bankruptcy down 6 percent in Q1," 04/04/11

National Bankruptcy Research Center, "March 2011 Bankruptcy Filings Report," Ronald Mann 04/04/2011