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Total bankruptcy filings in the United States decreased 11 percent in October 2015 from October of last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 70,211 in October 2015, down from the October 2014 total of 79,006.  Consumer filings also declined 11 percent to 67,742 from the October 2014 consumer filing total of 76,127. Total commercial filings in October 2015 decreased to 2,469, representing a 14 percent decline from the 2,879 business filings recorded in October 2014. Total commercial chapter 11 filings increased 10 percent to 428 filings in October 2015 from the 391 commercial chapter 11 filings registered in October 2014.

Scammers posing as attorneys representing debt collectors have been targeting those who have filed for bankruptcy, Alabama Attorney General Luther Strange warned yesterday, AL.com reported. The scammers are using Caller ID "spoofing" and the victims' personal information to demand  payments by wire on bogus debts, the attorney general stated in a press release. The scammers use publicly available documents about bankruptcy filers and "spoof" the Caller ID system to make it appear they are calling from a bankruptcy attorney's office. In most cases, the scammers inform their victims they must wire a debt payment immediately or face arrest. Strange warns that such calls are fraudulent and asks that anyone receiving them report it to law enforcement.

By Ed Flynn, ABI

Most commentators would agree that BAPCPA has reduced filings, although there is no consensus on the number or whether this has even been a good or bad development. BAPCPA’s opponents cite this as evidence that the legislation took away bankruptcy protection for millions of Americans, who remain in indentured servitude to their creditors. Its supporters cite this as evidence that BAPCPA is working. Looking at the various BAPCPA provisions, I do not see evidence of new restrictions that prevent access to bankruptcy by deserving debtors. Read more.

This is the final installment of Ed Flynn’s “BAPCPA at 10” retrospective that was special to the ABI Headlines this week. His previous commentaries can be found by clicking here. 

For additional expert perspectives on bankruptcy trends that have emerged for both consumers and businesses, be sure to listen to ABI's "BAPCPA at 10" media webinars by clicking here.