Report: Number of Renter Households Grows ‘Three Times Faster’ than Homeowner Households​​​

The share of renter households in the U.S. is growing at triple the rate of homeowner households as home costs outpace rent increases, a new report from real estate company Redfin has found, The Hill reported. The growth rate of renter households has reached its second-fastest pace in about a decade, rising by 2.7 percent in the third quarter, amounting to a record 45.6 million. By contrast, homeowner households grew by 0.9 percent during the same time frame, reaching 86.9 million, another high-water mark. “The median asking rent was up 0.6 percent year over year in September, but rents have remained largely flat for the past two years — becoming more affordable as wages grew at around 4 percent,” the report found. “With home prices at record highs and mortgage rates remaining elevated, renting is increasingly the only viable choice for many young people and families,” said Redfin Senior Economist Sheharyar Bokhari. Read more.

Commentary: What Trump’s Election Win Could Mean for Student Loan Forgiveness*​​​

Now that former President Donald Trump has won his reelection campaign, there are many looming questions about how his next term will impact policies implemented during President Joe Biden’s administration, according to a commentary in the Dallas Morning News. Biden and Vice President Kamala Harris campaigned on the goal of curbing student debt. And while many efforts remain tied up in court, more than 5 million borrowers have received student loan forgiveness in the last four years. In that time, Trump has criticized the Biden administration’s efforts, and some in the GOP have called the efforts “handouts.” To that end, people with student loan debt and hopes for future relief say they’re concerned about what a new Trump term will mean. Based on his time as president and his public sentiments about student loan forgiveness, experts predict the concept of mass student loan forgiveness is likely dead with Trump poised for the presidency. The Supreme Court shut down Biden’s attempt for widespread forgiveness in a 6-3 ruling. Other components of the president’s plan are still being held up in court, and it’s unlikely they’ll make it out of the courtroom before Biden leaves the White House. Programs like the SAVE plan, which sharply decreased borrowers’ monthly payments, could be on the chopping block along with other income-driven repayment plans, according to a Forbes commentary. Other regulatory changes, including the Public Service Loan Forgiveness program, could also be altered. Still, other initiatives could be tougher for a Trump administration to get rid of since they were created by Congress and require a new congressional act to change or eliminate them. To that end, programs including the Public Service Loan Forgiveness program, Income Based Repayment program, and the Total and Permanent Disability discharge programs can’t just be cut by the White House. But just as the Biden administration expanded who could access the programs, a Trump-led Education Department could shrink who is able to qualify for the programs, installing new restrictions. Read more.

*The views expressed in this commentary are from the author/publication cited, are meant for informative purposes only, and are not an official position of ABI.

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.
 

Slightly More Americans Apply for Unemployment Benefits Last Week, but Layoffs Remain at Low Levels​​​

The number of Americans applying for jobless aid ticked up last week, but layoffs remain at historically low levels, the Associated Press reported. The Labor Department reported Thursday that jobless claim applications rose by 3,000 to 221,000 for the week of Nov. 2. The four-week average of weekly claims, which softens some of the week-to-week fluctuations, fell by 9,750 to 227,250. Continuing claims, the total number of Americans collecting jobless benefits, rose by 39,000 to 1.89 million for the week of Oct. 26. That's the most since late 2021. Read more.

Small Business Administration-Backed Financing Rose 7% to $56 Billion in Fiscal 2024​​​

The Small Business Administration said it backed $56 billion in financing to small businesses and disaster-affected areas during the fiscal year ending Sept. 30, up 7% from a year prior, the Associated Press reported. The growth was driven by smaller loans, the agency said in its annual Capital Impact report. For the first time since 2008, the SBA distributed more than 100,000 financings to small businesses, up 22% from fiscal 2023 and 50% over 2020. Many loans were small-dollar, a priority for the SBA. The SBA said it backed over 38,000 7(a) loans under $150,000, for a total of $2.7 billion. That’s double from the amount of small-dollar loans received in 2020 and one-third higher than 2023. The SBA said in the report it had implemented a rule to simplify and streamline lending criteria for all lenders and strengthened its network of SBA lenders to give small businesses more access to small-dollar loans — instead of turning to credit cards or other high-interest lending options. Read more.

McDermott International Wins ABI's Third Annual International Matter of the Year Award​​​

ABI is proud to announce the winners of the third annual "International Matter of the Year Award," sponsored by ABI’s International Committee and presented at ABI’s International North American Insolvency Symposium (formerly ABI’s Cross-Border Insolvency Program), held in New York City on Nov. 6. The individuals and firms involved in the In re McDermott International, Inc. case took first place for their work on the case, which involved the U.S. collaborating with foreign jurisdictions. Click here to read the full press release.

Part 1 of ABI's Consumer Practice Extravaganza Kicks Off on Monday!​​​

ABI's Consumer Practice Extravaganza, the largest online consumer bankruptcy practice event of the year, will be delivering so many great sessions that it has been split into two parts! The first part kicks off next week and will feature the following panels:

- "Combating the Creative Consecutive Filer"
- "Explaining Racial Disparities in Personal Outcomes"
- "Issues Spotting and Preparing Schedules Properly for Consumer Bankruptcy and Family Law Issues"
- "Injunction of Law in Light of Purdue Pharma"

For just $100, attendees will be able to access live programming, or watch recordings to experience the conference on your schedule! All November Part 1 programs, plus Part 2 sessions taking place in January 2025, are included in the registration price. Register today!

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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