In a somewhat surprising statistic, a smaller number of U.S. residents are turning to bankruptcy for financial protection, even as unemployment continues to remain above 9 percent.

The number of consumer bankruptcy filings fell 17 percent in September compared to the same month one year earlier. Citing numbers from the American Bankruptcy Institute and National Bankruptcy Research Center, news reports are saying that 108,517 consumers filed for bankruptcy protection in September of this year.

This also represented a drop of 4 percent from the number of consumers who declared bankruptcy in August.

One of the reasons for this drop might be that consumers are spending less. Worried about possible job losses, and disappointed in the falling value of their homes, more consumers are reining in their spending. Other consumers are relying less on their credit cards, doing their part to prevent the debt woes that excessive credit card use can cause.

The executive director of the Bankruptcy Institute is quoted in the Wall Street Journal story as saying that total consumer bankruptcy filings for 2011 will be lower than they were in 2010.

This doesn't mean, though, that many consumers still won't need the financial protection offered by filing for bankruptcy. Cincinnati bankruptcy attorneys recommend that those consumers facing crushing debts meet with a bankruptcy attorney to discuss the specifics of bankruptcy protection and how it can help them erase at least some of their debts.

Source: Real Time Economics "Personal Bankruptcies Decline" Oct. 4, 2011