A sharp drop in monthly consumer bankruptcy filings was complimented by a year-over-year improvement. States with the most filings per capita were concentrated in the South.

U.S Bankruptcy Courts saw a preliminary 57,569 overall new filings during September. The total reflected both commercial and non-commercial bankruptcies.

Bankruptcy filings sank 16 percent from the previously reported level the preceding month. A 4 percent decline was recorded compared to the downwardly revised level a year previous.ppi. Rounding out the top five was Illinois, where the per-capita rate was 3.75.

Source: Mortgage Daily