Bankruptcy filings in New Mexico have been sliding since mid-2010 and continued to decrease during the first half of 2012.
The Albuquerque Journal reports that the clerk's office for the U.S. Bankruptcy Court in Albuquerque says petitions were filed for 2,538 bankruptcies, down 18 percent from 3,094 filed during the first half of 2011.
The Alexandria, Va.-based American Bankruptcy Institute says New Mexico's per capita rate of 2.5 bankruptcies per 1,000 residents was 15th lowest in the country during the first half of this year. The state also had the 15th lowest rate for all of 2011.
The most common explanation for New Mexico's low bankruptcy rate is the state's high poverty level.
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Information from: Albuquerque Journal, http://www.abqjournal.com
Copyright 2012 The Associated Press.