Public Comment Period on Proposed Bankruptcy Amendments Closes on February 17​​​

The comment period is set to close on Feb. 17 for the Judicial Conference Committee on Rules of Practice and Procedure's proposed amendments to Bankruptcy Rules 1007, 3018, 5009, 9006, 9014 and 9017, new Rule 7043 and Official Form 410S1. For more information, including the text of the proposed amendments and supporting materials, please click here.

U.S. Economy Ends 2024 with 2.3% GDP Growth on Consumer Resilience​​​

The U.S. economy expanded at a solid pace at the end of 2024, fueled by a generous tailwind from consumer spending, Bloomberg News reported. Inflation-adjusted gross domestic product increased an annualized 2.3% in the fourth quarter after rising 3.1% in the prior three-month period, according to the government’s initial estimate published Thursday. Consumer spending, which comprises the largest share of economic activity, advanced at a 4.2% pace — the first time since late 2021 that outlays have exceeded 3% in consecutive quarters. The acceleration was the biggest since early 2023 and was led by a pickup in motor vehicle sales. Read more.

Subchapter V Experiences to Share? ABI Wants to Hear from You!

ABI is continuing its study of Subchapter V, and it needs your help! We are particularly interested in learning more about the real-world impact of Subchapter V. So our question is, do you have a story about a distressed business or creditor who has used or benefited from the subchapter? If so, could that case still happen under the lower debt cap for Subchapter V debtors? Any and all responses are welcome. Submit your story at https://abi.org/subvstories.
 

U.S. Weekly Jobless Claims Decline More than Expected​​​

The number of Americans filing new applications for unemployment benefits fell more than expected last week, pointing to low levels of layoffs even though job opportunities are becoming scarce for those who are out of work, Reuters reported. Initial claims for state unemployment benefits dropped 16,000 to a seasonally adjusted 207,000 for the week ended Jan. 25, the Labor Department said on Thursday. Economists polled by Reuters had forecast 220,000 claims for the latest week. The number of people receiving benefits after an initial week of aid, a proxy for hiring, decreased 42,000 to a seasonally adjusted 1.858 million during the week ending Jan. 18, the claims report showed. The elevation in so-called continuing claims underscores diminishing job opportunities. Continuing claims data covered the period during which the government surveyed households for January's unemployment rate. The jobless rate was at 4.1% in December. Read more.

As L.A. Fire Victims Try Crowdfunding, Watch Out for Fraud, Officials Say​​​

Thousands of L.A. residents have turned to crowdfunding to help rebound from what’s expected to be one of the costliest blazes in U.S. history, the Washington Post reported. Since Jan. 7, communities seeking help have raised more than $200 million through GoFundMe, a spokesperson for the company said in an email, adding that the crowdfunding platform has verified and added more than 2,600 GoFundMe pages to its centralized hub for California wildfire donations since the flames first forced residents to evacuate. Crowdfunding has become a go-to method for victims of natural disasters to accelerate their recovery, and experts say sites like GoFundMe have emerged as a good way to infuse near-immediate relief into communities. But law enforcement officials warn that the popularity of these platforms can also make them hotbeds for fraud, especially after natural disasters. Read more.

ABI Seeking Nominations for "Asset Sale of the Year"​​​

ABI’s Asset Sales Committee is seeking nominations for its Seventh Annual ABI Asset Sale of the Year award. Any bankruptcy sale that closed between January 1 and December 31, 2024, and involved at least one professional who is a member of ABI’s Asset Sales Committee (free for ABI Members to join) is eligible. Nominations are due February 28; for more information about the award and submitting a nomination, please click here.

Applications Now Being Accepted for ABI’s Diversity Mentoring Program​​​

Applications are now being accepted for ABI’s Diversity Mentoring Program, hosted by our Diversity, Equity and Inclusion Committee to connect active or recently graduated business and law students with experienced insolvency professionals and ABI members who are offering professional development guidance. Throughout the program, mentors and mentees will meet bi-monthly to discuss a variety of topics with resources from ABI and members of the reorganization community, including judges, trustees, attorneys and accountants. For more information about the Diversity Mentorship Program and to apply to be a mentee for 2025-26, please visit ABI’s Diversity and Inclusion website at diversity.abi.org; applications are due February 24.

Tenth Circuit Accepting Applications for Bankruptcy Judge Vacancies in Utah​​​

The U.S. Court of Appeals for the Tenth Circuit seeks applications to fill two bankruptcy judgeships in the District of Utah. The positions are located in Salt Lake City. One will be available July 1, 2025. The other will be available Sept. 5, 2025. Before appointment, the selected applicants must successfully complete a background investigation. Bankruptcy judges are appointed to 14-year terms pursuant to 28 U.S.C. § 152. The current annual salary is $227,608. Go to https://ca10.uscourts.gov/hr/jobs to view the position requirements and download the application. The deadline for applications is Wednesday, February 12, 2025.

INSOL International Looking for Candidates to Fill CEO Vacancy​​​

INSOL International, a cross-border nonprofit organization and catalyst for a wide range of ancillary groups representing the judiciary, regulators, lenders and academics, is looking for candidates to fill its Chief Executive Officer (CEO) vacancy. The position will play a key role in shaping the future of INSOL International by implementing the organization’s strategy, delivering initiatives, and expanding its influence and membership. For more information on the position and to submit an application, please click here.

Access All Current ABI Titles Through ABI’s New Digital Book Subscription!​​​

One of the best collections of bankruptcy books is now available as an annual digital subscription! ABI’s bankruptcy library opens the door to a constantly evolving area of the law, and our books are continually being updated by top industry professionals. Auto-renewing annual subscriptions guarantee immediate access to this invaluable resource, which is comprised of fully searchable content that’s always available on any digital device. Convenient pricing plans for individual and institutional subscribers offer immediate and unlimited access to our entire digital library of books — nearly 100 treatises! Plus, you get advanced access to new and revised books as soon as they are published — all included in your annual subscription. Learn more!

Have an Idea for a Topic for an ABI Conference Session? Submit Your Proposal via ABI’s “Call for Abstracts” Page!​​​

ABI has launched an online portal for professionals to submit proposals for educational sessions at future ABI conferences. Submitters can describe their proposed topic, outline the session’s focus and learning goals, suggest speakers, and provide contact information via the portal’s detailed form. The portal can be accessed here.

All submissions will be reviewed by an internal Education Committee, which will contact the submitter to ask questions as needed and to discuss the status of the proposal. Submissions will be reviewed on a rolling basis.

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