Contact:
Hartgen
(703)
739-0800
href='mailto:jhartgen@abiworld.org'>jhartgen@abiworld.org
SURVEY
PREDICTS CONSUMER BANKRUPTCIES TO INCREASE BY 20 PERCENT OR MORE IN
2007
size='3'>January 19, 2007, Alexandria, Va.
size='3'>— A majority (61 percent) of respondents in a recent
American Bankruptcy Institute online poll said that consumer bankruptcy
filings will increase by at least 20 percent on a national basis in
2007. Twenty-seven percent of respondents thought that consumer
bankruptcies will increase by 20 percent in 2007, while 34 percent
thought that consumer filings would increase by more than 20 percent on
a national basis.
Thirty-one percent of
respondents thought that filings would only increase by 10 percent or
less on a national basis in 2007. Twenty-two percent of respondents
thought that consumer filings would increase by 10 percent, while nine
percent of respondents thought that consumer bankruptcy totals would
remain roughly the same as 2006. Eight percent did not know or had no
opinion on the issue.
Consumer bankruptcies decreased
dramatically last year to fewer than 600,000 cases, falling to their
lowest levels since the 1980s, after the implementation of the
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
(BAPCPA). The decrease followed a spike in filings in 2005, when
consumers rushed to file before BAPCPA was implemented on Oct. 17. Last
year’s decline has led to much speculation as to whether consumer
filings will return to pre-BAPCPA levels and the possible timeframe
involved.
ABI members and members
of the public were welcome to submit their response to the statement:
“In 2007,
consumer bankruptcy filings on a national basis will (A) stay roughly
the same as in 2006; (B) increase by 10 percent; (C) increase by 20
percent; D) increase by more than 20 percent.
face='Times New Roman' size='3'>”
size='3'> The latest ABI Quick Poll was open
for voting from Jan. 12 - Jan. 18.
ABI’s weekly Quick Poll
is posted on ABI’s home page,
href='http://www.abiworld.org/'>
size='3'>www.abiworld.org
size='3'>. ABI members and the public are invited to respond to a
question on a timely bankruptcy or insolvency issue. Visit
href='http://www.abiworld.net/quickpoll/'>
size='3'>http://www.abiworld.net/quickpoll/ to access the results of previous ABI Quick
Polls.
###
ABI is the largest multi-disciplinary, nonpartisan organization
dedicated to research and education on matters related to insolvency.
ABI was founded in 1982 to provide Congress and the public with unbiased
analysis of bankruptcy issues. The ABI membership includes more than
11,500 attorneys, accountants, bankers, judges, professors, lenders,
turnaround specialists and other bankruptcy professionals, providing a
forum for the exchange of ideas and information. For additional
information on ABI, visit www.abiworld.org. For additional conference
information, visit
href='http://www.abiworld.org/conferences.html'>
color='#0000ff'>http://www.abiworld.org/conferences.html.