WASHINGTON, D.C. — May saw a considerable downfall in consumer bankruptcies both month-over-month and year-over-year, according to the American Bankruptcy Institute.

Sliding by 16 percent year-over-year, data from the National Bankruptcy Research Center showed that May's overall consumer filings totaled 114,803, down from 136,142 filings recorded in May 2010.

“The continued drop in bankruptcies during 2011 reflects the pull back in consumer credit over the past year and a reduction in household debt,” said ABI executive director Samuel Gerdano, when discussing the reasons behind the decrease.

ABI also noted that May 2011 consumer bankruptcies saw a 15-percent decrease when compared to April's total of 134,720.

On the other hand, the percentage of chapter 13 filings for May saw a slight uptick at 27 percent, a 1-percent increase month-over-month.