Contact: John Hartgen
703-894-5935
TOTAL U.S. BANKRUPTCIES IN FIRST HALF OF 2010 UP 14
PERCENT OVER FIRST HALF OF 2009
August 17, 2010, Alexandria, Va.— The total number of
U.S. bankruptcies filed during the first six months of 2010 increased 14
percent over the same six-month period in 2009, according to data
released today by the Administrative Office of the U.S. Courts. Total
filings reached 810,209 during the first half of the calendar year of
2010 (January 1-June 30), compared to 711,550 cases filed over the same
period in 2009. The totals represent the highest number of filings for
the first six months of a calendar year since 2005, when the Bankruptcy
Code was amended.
“Bankruptcy continues to be the last resort for many Americans
seeking financial relief from household debt, unemployment and the
economic downturn,” said ABI Executive Director
size='3'>Samuel J.
Gerdano. “The first half 2010 filings show that
bankruptcies are on pace to surpass 1.6 million by year
end.”
Business filings decreased 4 percent for the six-month period ending
June 30, 2010, to 29,059 from the first-half 2009 total of 30,333.
Chapter 11 business reorganizations registered the sharpest decrease, as
the 6,152 filings during the first half of 2010 represented a 17 percent
drop from the 7,396 total chapter 11 business filings during the first
half of 2009. Chapter 7 business liquidations remained nearly unchanged,
as there were 20,385 in the first half of 2010, a half percent increase
from the 20,375 business chapter 7 filings during the same period in
2009.
Filings by individuals or households with consumer debt increased 15
percent to 781,150 for the six-month period ending June 30, 2010, from
the 2009 first-half total of 681,217. Consumers filing for chapter 7
protection increased 17 percent to 571,417 during the first half of 2010
from 489,128 during the first six months of 2009. Consumer chapter 13
filings increased as well, rising 9 percent as 208,778 consumers filed
for chapter 13 in the first half of 2010 from 191,458 during the first
half of 2009.
The 422,061 total filings for the second calendar quarter 2010 (April
1-June 30) represented a 11 percent increase from the second quarter
2009 filing total of 381,073. Consumer filings increased 12 percent from
365,059 recorded in the second quarter of 2009 to 407,609 filings in the
second quarter 2010. Business filings decreased 10 percent from 16,014
in the second quarter 2009 to 14,452 filings in the second quarter of
2010.
The 1,572,597 total filings for the 12-month period ending June 30,
2010, represented a 20 percent increase from the same period in 2009,
which totaled 1,306,315. The bankruptcy filing rate per thousand U.S.
residents totaled 5.05 for all chapters during the 12-month period
ending June 30, 2010, as 3.64 Americans per thousand filed for chapter 7
while 1.36 per thousand filed for chapter 13 bankruptcy.
Nevada maintained its position as the state with as the state with
the highest per capita filing rate in the country, with 11.74 residents
per thousand filing in all chapters, and also had the highest per capita
filing rate for chapter 7 filings at 8.71. The state with the highest
per capita filing rate for chapter 13 bankruptcy was Alabama at 4.16 per
thousand for the 12-month period ended June 30, 2010.
Nonbusiness filings for the 12-month period ending June 30, 2010,
were up to 1,521,989, a 21 percent increase from the 1,251,294 total
nonbusiness filings over the same period in 2009. Business filings for
the 12-month period ending June 30, 2010, totaled 59,608, up 8 percent
from the 55,021 bankruptcy petitions filed in the 12-month period ending
June 30, 2009.
The 1,133,320 total chapter 7
filings for the 12-month period ending June 30, 2010, represent a 25
percent increase from the 907,603 filings from the same period in 2009.
Total chapter 11 filings increased 2 percent to 14,272 in the 12-month
period ending June 30, 2010 from 13,951 during the same period in 2009.
Total chapter 13 filings also increased 10 percent to 424,242 in the
12-month period ending June 30, 2010, from 384,187 during the same
period last year. Chapter 12 filings increased 56 percent from 422 in
the 12-month period ending June 30, 2009 to 660 for the same period in
2010.
Chapter breakdowns of BUSINESS filings for the 3-month period ending
June 30, 2010: 10,311 chapter 7s; 2,859 chapter 11s; 194 chapter
12s; and 1,071 chapter 13s.
Chapter breakdown of NON-BUSINESS filings for the 3-month period ending
June 30, 2010: 299,369 chapter 7s; 511 chapter 11s; and 107,727
chapter 13s.
###
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
12,600 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
face='Times New Roman'>www.abiworld.org. For additional
conference information, visit
href='http://www.abiworld.org/conferences.html'>
face='Times New
Roman'>http://www.abiworld.org/conferences.html.
*Definitions from Bankruptcy
Overview: Issues, Law and Policy, by the American Bankruptcy
Institute
Chapter 7 of the Bankruptcy Code is available to both
individual and business debtors. Its purpose is to achieve a fair
distribution to creditors of the debtor’s available non-exempt
property. Unsecured debts not reaffirmed are discharged, providing
a fresh financial start.
Chapter 11 of the
Bankruptcy Code is available for both business and consumer debtors. Its
purpose is to rehabilitate a business as a going concern or reorganize
an individual’s finances through a court-approved reorganization
plan.
Chapter 12 of the
Bankruptcy Code is designed to give special debt relief to a family
farmer with regular income from farming.
Chapter 13 of the Bankruptcy Code is available for an
individual with regular income whose debts do not exceed specific
amounts; it is typically used to budget some of the debtor’s
future earnings under a plan through which unsecured creditors are paid
in whole or in part.
Contact: John Hartgen
703-894-5935
JULY CONSUMER BANKRUPTCY FILINGS UP 9 PERCENT FROM
LAST MONTH, YEAR
August 3, 2010, Alexandria, Va.
size='3' face='Times New Roman'>— The 137,698 consumer
bankruptcies filed in July represented a 9 percent increase nationwide
over the 126,434 filings recorded in July 2009, according to the
American Bankruptcy Institute (ABI), relying on data from the National
Bankruptcy Research Center (NBKRC). NBKRC’s data also showed that
the July consumer filings represented a 9 percent increase from the
126,270 consumer filings recorded in June 2010. Chapter 13
filings constituted 28 percent of all consumer cases in July, a slight
increase from June.
“Debt burdens, unemployment and an uncertain economic climate
continue to weigh on consumers,” said ABI Executive Director
size='3'>Samuel J.
Gerdano. “The pace of consumer filings this year
remains on track to top 1.6 million filings.”
###
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
12,600 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
face='Times New Roman'>www.abiworld.org. For additional
conference information, visit
href='http://www.abiworld.org/conferences.html'>
face='Times New
Roman'>http://www.abiworld.org/conferences.html.
NBKRC is an online research center that offers subscribers access to
up-to-date research and statistics on bankruptcy filings. The database
contains complete information dating back to 1995. For more information
on NBKRC, please visit
color='#0000ff' face='Times New
Roman'>http://www.nbkrc.com.
*Definitions
from Bankruptcy Overview: Issues, Law and Policy, by the
American Bankruptcy Institute.
Chapter 7 of the Bankruptcy Code is available to both
individual and business debtors. Its purpose is to achieve a fair
distribution to creditors of the debtor’s available non-exempt
property. Unsecured debts not reaffirmed are discharged, providing
a fresh financial start.
Chapter 11 of the
Bankruptcy Code is available for both business and consumer debtors. Its
purpose is to rehabilitate a business as a going concern or reorganize
an individual’s finances through a court-approved reorganization
plan.
Chapter 12 of the
Bankruptcy Code is designed to give special debt relief to a family
farmer with regular income from farming.
Chapter 13 of the Bankruptcy Code is available for an
individual with regular income whose debts do not exceed specific
amounts; it is typically used to budget some of the debtor’s
future earnings under a plan through which unsecured creditors are paid
in whole or in part.
Tuesday, August 3, 2010 /sites/default/files/LegislativeNews/107thCongress/107HR2646b.pdf /sites/default/files/LegislativeNews/107thCongress/107HR2646b.pdf
Contact:
Hartgen
(703) 739-0800
color='#0000ff'>jhartgen@abiworld.org
FIRST QUARTER
BANKRUPTCY FILINGS FALL TO LOWEST LEVELS SINCE 1985
May 26, 2006,
size='3'>Alexandria
w:st='on'>
size='3'>Va.
size='3'>The total number of
w:st='on'>
size='3'>U.S.
size='3'>bankruptcies filed during the first three months of 2006 were
the lowest on record in more than 20 years as filings fell to 116,771,
according to data released today by the Administrative Office of the
U.S. Courts. The total filings for the first calendar year quarter of
2006 (January 1-March 31, 2006) have not been experienced since the 1985
fourth calendar year quarter (October 1-December 31, 1985), when
bankruptcy filings totaled 114,021. The 2006 first quarter calendar year
filings also represent a 82.5 percent drop in filings from the previous
quarter (October 1-December 31, 2005) when 667,431 new cases were filed.
It is also represents a 70.89 percent drop compared to the 401,149 total
filings for the same three-month period ending March 31,
2005.
A new bankruptcy law went into
effect on October 17, 2005. The new law requires that consumers first go
through credit counseling before being eligible for bankruptcy. The new
law also reduces the scope of bankruptcy relief.
“Congress hoped the new
law would reduce the number of new consumer bankruptcies and the latest
figures reflect that intention, though there are still many families
under financial stress,” said Samuel J. Gerdano, ABI Executive
Director. “We haven’t seen numbers this low since the
mid-1980’s, when a gallon of gasoline was $1.20.”
Consumer filings represented
the largest drop-off as they decreased 82.79 percent to 112, 685 for the
three-month period ending March 31, 2006 from 654,633 the previous
three-month period ending December 31, 2005. They also represent a 71.33
percent decrease from the same period in 2005, which had a total of
393,086 nonbusiness filings.
Business filings for the
three-month period ending March 31, 2006 also experienced significant
decreases as the total of 4,086 filings were down 68.02 percent from the
2005 fourth quarter total of 12,798 and 49.32 percent from the 8,063
business cases filed in the same quarterly period of 2005.
However, total filings
increased for each month of the three-month period ending March 31,
2006, as nearly half of the total filings (44.26 percent) occurred in
the month of March with 51,683 filings. January 2006 totaled 28,368
filings, while 36,720 total filings were recorded for February 2006. The
steady increase was in stark contrast to the previous quarter’s
steep monthly drop due to the October 17, 2005, implementation of the
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
(BAPCPA). Filings fell from a high of 630,468 in October 2005 to 14,480
for November 2005 and 22,927 for December 2005.
The total filings for the
12-month period ending March 31, 2006 were sustained by the surge of
debtors filing for bankruptcy before the October 2005 implementation of
BAPCPA. Total filings rose 12.81 percent to 1,794,795 compared to
1,590,975 bankruptcy cases filed in the 12-month period ending March
2005. Prior to the March 2006 12-month reporting period, bankruptcy
filings rose 30 percent in the 12-month period ending December 31, 2005,
which was also attributable to the rush prior to BAPCPA’s
implementation.
Nonbusiness filings for the
12-month period ending March 31, 2006, totaled 1,759,503, up 12.86
percent from the 1,559,023 total nonbusiness filings in the 12-month
period ending March 31, 2005. Business filings for the 12-month period
ending March 31, 2006, totaled 35,292, up 10.45 percent from the 31,952
bankruptcy petitions filed in the 12-month period ending March 31,
2005.
Chapter 7 filings rose to
1,432,074 for the 12-month period ending March 31, 2006, representing a
25.43 percent increase from the 1,141,715 filings from the same period
in 2005. Chapter 13 filings fell 19.48 percent, to 355,756 in the
12-month period ending March 31, 2006 from 441,838 in the same period
last year. Chapter 11 filings also declined, falling 8.69 percent to
6,497 in 2006 from 7,115 in 2005. Chapter 12 filings rose 93.65 percent
from 189 in 2005 to 366 in 2006.
size='3'>BUSINESS FILINGS for the 3-month
period ending March 31, 2006, totaled 4,086, down 49.32 percent from the
8,063 bankruptcy business cases filed in the same period in 2005.
NON-BUSINESS FILINGS
for the 3-month period ending March 31, 2006, decreased
71.33 percent from 393,086 in 2005 to 112,685 in 2006.
The chapter* breakdown
of BUSINESS
filings for the 3-month period ending March 31, 2006, is:
2,147 chapter 7s, 1,291 chapter 11s, 84 chapter 12s and 540 chapter
13s.
The chapter breakdown
of
size='3'>NON-BUSINESS filings for the 3-month
period ending March 31, 2006, is: 63,250 chapter 7s, 121 chapter 11s and
49,314 chapter 13s.
Districts with the Highest
Percentage INCREASE in Total Filings for the 12-month period ending
March 31, 2006 (compared to the identical period in
2005):
- District of Vermont:
39.76%
- Northern District of Indiana:
35.86%
- District of Alaska:
35.10%
size='3'>
- Northern District of Ohio:
33.76
- Western District
of
w:st='on'>Oklahoma
Districts with the Highest
Percentage DECREASE in Total Filings for the 12-month period ending
March 31, 2006 (compared to the identical period in
2005):
- Southern District of Georgia:
19.32%
- Middle District
of
face='Times New Roman'
size='3'>Georgia
17.14%
- Southern District of
Alabama: 15.02%
- District of South
Carolina: 14.93%
size='3'>
- District of Utah:
12.05%
###
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
face='Times New Roman' color='#0000ff'
size='3'>http://www.abiworld.org/conferences.html
face='Times New Roman' size='3'>.
size='3'>*Definitions from Bankruptcy Overview: Issues, Law and Policy,
by the American Bankruptcy Institute
Chapter
7 of the Bankruptcy Code is available to
both individual and business debtors. Its purpose is to achieve a fair
distribution to creditors of the debtor’s available non-exempt
property. Unsecured debts not reaffirmed are discharged, providing
a fresh financial start.
size='3'>Chapter 11 of the Bankruptcy
Code is available for both business and consumer debtors. Its purpose is
to rehabilitate a business as a going concern or reorganize an
individual’s finances through a court-approved reorganization
plan.
size='3'>Chapter 12 of the Bankruptcy
Code is designed to give special debt relief to a family farmer with
regular income from farming.
size='3'>Chapter 13 of the Bankruptcy
Code is available for an individual with regular income whose debts do
not exceed specific amounts; it is typically used to budget some of the
debtor’s future earnings under a plan through which unsecured
creditors are paid in whole or in part.
Friday, May 26, 2006 /sites/default/files/LegislativeNews/107thCongress/107HR188.pdf /sites/default/files/LegislativeNews/107thCongress/107HR188.pdf
Contact: John Hartgen
703-894-5935
href='mailto:jhartgen@abiworld.org'>jhartgen@abiworld.org
JULY CONSUMER BANKRUPTCY
FILINGS FALL 18 PERCENT FROM LAST YEAR
August 2, 2011, Alexandria, Va. -
July consumer bankruptcies decreased 18 percent nationwide from July
2010, according to the American Bankruptcy Institute (ABI), relying on
data from the National Bankruptcy Research Center (NBKRC). The data
showed that the overall consumer filing total for July reached 113,470,
down from the 137,698 consumer filings recorded in July 2010. It was the
seventh straight month of fewer bankruptcies in 2011 than last
year.
'The continued decline in consumer bankruptcies
in tandem with a sluggish economy is a reflection of the deleveraging of
household debts and tightening of consumer credit over the past year,'
said ABI Executive Director Samuel J. Gerdano. 'Should these
trends persist, we expect to see fewer consumer bankruptcies in 2011
than were filed in 2010.'
The July 2011 filings also represented a 5
percent decrease from the June 2011 consumer bankruptcy total of 119,768
filings. The percentage of chapter 13 filings for July was 29 percent, a
one percent increase from June.
###
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 13,000 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
href='http://www.abiworld.org/' target='_blank'>
face='Georgia'>www.abiworld.org. For
additional conference information, visit
href='http://www.abiworld.org/conferences.html' target='_blank'>
color='#0066cc'
face='Georgia'>http://www.abiworld.org/
face='Georgia'>.
NBKRC is an online research center that offers
subscribers access to up-to-date research and statistics on bankruptcy
filings. The database contains complete information dating back to 1995.
For more information on NBKRC, please visit
href='http://www.nbkrc.com/' target='_blank'>
face='Georgia'>http://www.nbkrc.com
face='Georgia'>.
*Definitions from Bankruptcy Overview:
Issues, Law and Policy, by the American Bankruptcy
Institute.
Chapter 7 of the Bankruptcy Code is available to
both individual and business debtors. Its purpose is to achieve a fair
distribution to creditors of the debtor's available non-exempt
property. Unsecured debts not reaffirmed are discharged, providing
a fresh financial start.
Chapter 11 of the Bankruptcy Code is available
for both business and consumer debtors. Its purpose is to rehabilitate a
business as a going concern or reorganize an individual's finances
through a court-approved reorganization plan.
Chapter 12 of the Bankruptcy Code is designed to
give special debt relief to a family farmer with regular income from
farming.
Chapter 13 of the Bankruptcy Code is available
for an individual with regular income whose debts do not exceed specific
amounts; it is typically used to budget some of the debtor's future
earnings under a plan through which unsecured creditors are paid in
whole or in part.
Tuesday, August 2, 2011
Contact: John Hartgen
(703) 739-0800
2006
BANKRUPTCIES FALL TO LOWEST LEVELS SINCE 1980s
size='3'>April 17, 2007
size='3'>—Bankruptcy filings in the
w:st='on'>
size='3'>United States
size='3'>dropped to their lowest level since 1988 as calendar year 2006
filings plunged following the implementation of the new bankruptcy law
in 2005, according to data from the Administrative Office of the U.S.
Courts (AOUSC). One year after the Bankruptcy Abuse Prevention and
Consumer Protection Act of 2005 (BAPCPA) was implemented on Oct. 17,
2005, total bankruptcy filings for calendar year 2006 dropped to
617,660, representing the lowest filing total since 613,465 total
filings were recorded for the 12-month period ending Dec.31, 1988. The
total filings for the 12-month period ending Dec. 31, 2006, represent a
70.28 percent decrease compared with the record total of 2,078,415
filings for the same period in 2005.
Consumer bankruptcies
recorded the sharpest decrease; the 597,965 consumer filings during
calendar year 2006 represented a 70.68 percent drop in filings from the
record 2,039,214 filings made during the 12-month period ending Dec. 31,
2005. The 12-month filing total for 2006 was the lowest since the
549,612 filings were recorded for the
size='3'>12-month period ending Dec. 31,
1988.
'The final government
statistics merely confirm what all in the bankruptcy world had already
experienced: a historic drop-off in 2006 activity almost entirely due to
the after-effect of the 2005 law changes,' said ABI Executive Director
Samuel J. Gerdano. 'But as the debt burden on the household sector
remains high, most expect consumer bankruptcies to bounce back by the
end of this year,' he said.
While the number of
consumer filings reached their lowest point since 1988, the 2006
calendar year consumer filings revealed a noticeable shift in the type
of bankruptcies being filed by consumers. Largely the result of stricter
requirements under BAPCPA, the 248,430 chapter 13
cases filed for the 12-month period ending Dec. 31, 2006, represented
41.55 percent of the overall consumer filing total. The 349,012
consumers who filed for chapter 7 during the 12-month period ending Dec.
31, 2006, comprised 58.37 percent of the total consumer filings for the
2006 calendar year. The filing pattern was vastly different from 2005,
when there were 1,631,011 chapter 7 cases filed, representing 79.98
percent of total bankrupt consumer filings, while only 19.97 percent of
consumer cases, representing 407,322 filings, were filed under chapter
13 during the 12-month period ending Dec. 31, 2005.
The 19,695 business filings
during the 12-month period ending Dec. 31, 2006, were the lowest on
record under the current statistics reporting system, which was
implemented in 1980. The previous lowest business filing total for a
12-month period was recorded in 2004, with 34,317 business bankruptcies
filed. The 2006 filing total also represents 49.78 percent decrease from
the 39,201 business bankruptcy filings during the 12-month period ending
Dec. 31, 2005.
The 177,599 total bankruptcies
recorded during the 4th calendar quarter of 2006 (Oct.1-Dec. 31, 2006)
represent a 73.39 percent drop from the 667,431 filings during the
similar period in 2005. Total filings for the month of October
registered a 90.23 percent drop from 2005 as 61,592 filings were
recorded for the month in 2006 as compared to the 630,497 cases that
were filed in October 2005 leading up to the implementation of BAPCPA
that year. Despite the drop-off from the previous year, the 2006 4th
calendar quarter filing total was the highest of any previous quarter
for 2006 and represented a 3.63 percent increase over the 3rd quarter
(July 1 – Sept. 30) total of 171,146.
The 172,013 consumer filings in
the 4th quarter of 2006 represent a 73.72 percent decrease in comparison
to the 654,633 consumer filings for the same quarter of 2005. The
consumer filing total for the 4th calendar quarter did, however,
represent a 3.58 percent increase from the previous total of 165,862
filings from the 3rd quarter of 2006.
Business filings, which totaled
5,586 for the 4th calendar quarter of 2006, represented a 56.35 percent
decrease from the 12,798 filed in the same 3-month period in 2005 (Oct.
1-Dec. 31). Business filings did rise from the previous quarter as the
4th calendar quarter represented a 5.41 percent increase over 5,284
business filings reported during the 3rd quarter of 2006 (July 1- Sept.
30).
The chapter* breakdown
of BUSINESS
filings for the 3-month period ending Dec.31, 2006, is
3,567 chapter 7s, 1,170 chapter 11s, 74 chapter 12s and 763 chapter
13s.
The chapter breakdown
of
size='3'>NONBUSINESS filings for the 3-month
period ending Dec. 31, 2006, is 98,824 chapter 7s, 134 chapter 11s and
73,052 chapter 13s.
Districts with the LOWEST PERCENTAGE
DECREASE in Total Filings for the 12-month period ending Dec. 31, 2006
(compared to the identical period in 2005):
- Western District
of
size='3'>: 45.29% - Southern District
of Georgia: 46.49% - District of the
Mariana Islands
46.88% - Northern District
of Georgia: 51.22% - Middle District
of
size='3'>: 51.68%
Districts with the HIGHEST PERCENTAGE
DECREASE in Total Filings for the 12-month period ending Dec. 31, 2006
(compared to the identical period in 2005):
- Eastern District of Louisiana:
85.14%
- Southern District of West
Virginia: 84.01% - Eastern District of Oklahoma:
83.75% - Western District
of
size='3'>: 81.79% - Northern District of West
Virginia: 81.21%
More information will be
available at
href='http://www.abiworld.org/Content/NavigationMenu/Online_Resources/Bankruptcy_Statistics/ABI_-_Bankruptcy_Statistics.htm'>
face='Times New Roman' color='#0000ff' size='3'>ABI’s Statistics
Page,
href='http://www.abiworld.org/statistics'>
color='#0000ff'
size='3'>http://www.abiworld.org/statistics
face='Times New Roman' size='3'>.
###
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
face='Times New Roman' color='#0000ff'
size='3'>http://www.abiworld.org/conferences.html
face='Times New Roman' size='3'>.
size='3'>*Definitions from Bankruptcy Overview: Issues, Law and Policy,
by the American Bankruptcy Institute
Chapter
7 of the Bankruptcy Code is available to
both individual and business debtors. Its purpose is to achieve a fair
distribution to creditors of the debtor’s available non-exempt
property. Unsecured debts not reaffirmed are discharged, providing
a fresh financial start.
size='3'>Chapter 11 of the Bankruptcy
Code is available for both business and consumer debtors. Its purpose is
to rehabilitate a business as a going concern or reorganize an
individual’s finances through a court-approved reorganization
plan.
size='3'>Chapter 12 of the Bankruptcy
Code is designed to give special debt relief to a family farmer with
regular income from farming.
Chapter 13 of the Bankruptcy Code is available for an
individual with regular income whose debts do not exceed specific
amounts; it is typically used to budget some of the debtor’s
future earnings under a plan through which unsecured creditors are paid
in whole or in part.
Contact: John Hartgen
703-894-5935
BANKRUPTCY FILINGS WILL INCREASE IN FISCAL
YEAR 2011, ACCORDING TO LATEST ABI QUICK POLL
January 31, 2011, Alexandria, Va.— A majority of
respondents (74 percent) in a recent ABI Quick Poll predicted that
bankruptcy filings will increase in fiscal year 2011. Fifty-three
percent of respondents “strongly agreed” that filings would
increase, while 21 percent “somewhat agreed” that filings
would increase.
Total bankruptcies for fiscal year 2010 (Oct. 1, 2009-Sept. 30, 2010),
were 1,596,355, up 14 percent over total FY 2009 bankruptcy filings of
1,402,816, according to the Administrative Office of the U.S. Courts.
Bankruptcies have increased each fiscal year since 2005, when Congress
overhauled the Bankruptcy Code to reduce the number of consumers and
businesses filing for bankruptcy.
Twenty-one percent of respondents did not think that bankruptcy filings
would increase in fiscal year 2011. Seventeen percent “somewhat
disagreed” and four percent “strongly disagreed” that
filings would increase in FY2011. Four percent did not know or had no
opinion on the poll question.
ABI members and members of the public were welcome to submit their
response to the statement: “Bankruptcy filings will rise in fiscal
year 2011.”
ABI’s Quick Poll is posted on ABI’s home page,
href='http://www.abiworld.org/'>www.abiworld.org. 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/'>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
12,800 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
href='http://www.abiworld.org/'>www.abiworld.org. For additional
conference information, visit
href='http://www.abiworld.org/conferences.html'>http://www.abiworld.org/conferences.html.
Monday, January 31, 2011Contact: John Hartgen
703-739-0800
href='mailto:jhartgen@abiworld.org'>jhartgen@abiworld.org
JANUARY
CONSUMER BANKRUPTCY FILINGS INCREASE 30 PERCENT OVER PREVIOUS
YEAR
February 4, 2008,
Alexandria,
size='3'>.
size='3'>U.S. consumer bankruptcy filings increased more than 30 percent
nationwide in January from the same period a year ago, according to the
American Bankruptcy Institute (ABI) relying on data from the National
Bankruptcy Research Center (NBKRC). While the consumer filings for
January increased from the previous year, the data showed that the
overall January consumer filing totals were flat from December. Chapter
13 filings constituted 40.05 percent of all consumer cases in January, a
slight increase over December.
size='3'>
“With over one million
more subprime adjustable-rate mortgages due to reset during 2008, the
payment shock for many households could lead to higher bankruptcies this
year,” said ABI Executive Director Samuel J. Gerdano.
The overall consumer filing
total for the 2007 calendar year (Jan. 1 – Dec. 31, 2007) reached
801,840, nearly a 40 percent increase from the 573,203 filings recorded
during the similar period in 2006.
###
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 11,700 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
face='Times New Roman' color='#0000ff'
size='3'>http://www.abiworld.org/conferences.html
face='Times New Roman' size='3'>.
NBKRC is an online research
center that offers subscribers access to up-to-date research and
statistics on bankruptcy filings. The database contains complete
information dating back to 1995. For more information on NBKRC, please
visit http://www.nbkrc.com
face='Times New Roman' size='3'>.
*Definitions from
Bankruptcy Overview: Issues, Law
and Policy, by the
American Bankruptcy Institute.
size='3'>Chapter 7 of the Bankruptcy Code
is available to both individual and business debtors. Its purpose is to
achieve a fair distribution to creditors of the debtor’s available
non-exempt property. Unsecured debts not reaffirmed are
discharged, providing a fresh financial
start.
size='3'>Chapter 11 of the Bankruptcy
Code is available for both business and consumer debtors. Its purpose is
to rehabilitate a business as a going concern or reorganize an
individual’s finances through a court-approved reorganization
plan.
size='3'>Chapter 12 of the Bankruptcy
Code is designed to give special debt relief to a family farmer with
regular income from farming.
size='3'>Chapter 13 of the Bankruptcy
Code is available for an individual with regular income whose debts do
not exceed specific amounts; it is typically used to budget some of the
debtor’s future earnings under a plan through which unsecured
creditors are paid in whole or in part.
Monday, February 4, 2008 http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f%3Ah5503rfs.txt.pdf http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=…
Contact: John Hartgen
703-894-5935
CONSUMER BANKRUPTCY FILINGS UP NEARLY 37 PERCENT
THROUGH FIRST HALF OF 2009
July 2, 2009, Alexandria, Va.— U.S. consumer bankruptcy
filings totaled 675,351 nationwide during the first six months of 2009
(Jan. 1-June 30), a 36.5 percent increase over the 494,610 total
consumer filings during the same period a year ago, according to the
American Bankruptcy Institute (ABI), relying on data from the National
Bankruptcy Research Center (NBKRC). The overall June consumer filing
total of 116,365 was 40.6 percent more than the 82,770 consumer filings
recorded in June 2008. While the June total represented an increase over
the previous year, it was a 6.8 percent decrease from the May 2009 total
of 124,838 consumer filings. Chapter 13 filings constituted 27.7 percent
of all consumer cases in June, a slight increase from May.
“As unemployment, foreclosures rates and health care costs
continue to rise, more consumers are turning to bankruptcy as a last
financial resort,” said ABI Executive Director
size='3'>Samuel J.
Gerdano. “We expect that there will be more than 1.4
million new bankruptcy filings by year end.”
###
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
12,000 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
face='Times New Roman'>www.abiworld.org. For additional
conference information, visit
title='blocked::http://www.abiworld.org/conferences.html'
href='http://www.abiworld.org/conferences.html'>
color='#0000ff'>http://www.abiworld.org/conferences.html.
NBKRC is an online research center that offers subscribers access to
up-to-date research and statistics on bankruptcy filings. The database
contains complete information dating back to 1995. For more information
on NBKRC, please visit
href='http://www.nbkrc.com/'>
color='#0000ff'>http://www.nbkrc.com.
size='3'>*Definitions from Bankruptcy
Overview: Issues, Law and Policy, by the American
Bankruptcy Institute.
Chapter
7 of the Bankruptcy Code is available to
both individual and business debtors. Its purpose is to achieve a fair
distribution to creditors of the debtor’s available non-exempt
property. Unsecured debts not reaffirmed are discharged, providing
a fresh financial start.
size='3'>Chapter 11 of the Bankruptcy
Code is available for both business and consumer debtors. Its purpose is
to rehabilitate a business as a going concern or reorganize an
individual’s finances through a court-approved reorganization
plan.
size='3'>Chapter 12 of the Bankruptcy
Code is designed to give special debt relief to a family farmer with
regular income from farming.
Chapter 13 of the Bankruptcy Code is available for an
individual with regular income whose debts do not exceed specific
amounts; it is typically used to budget some of the debtor’s
future earnings under a plan through which unsecured creditors are paid
in whole or in part.
Contact: John Hartgen
703-894-5935
href='mailto:jhartgen@abiworld.org'>jhartgen@abiworld.org
NOVEMBER CONSUMER BANKRUPTCY FILINGS DROP 18
PERCENT FROM PREVIOUS MONTH
December 2, 2009, Alexandria, Va.— The 112,152
consumer filings in November represented a decrease of 18 percent from
the 135,913 filings registered in October, according to the American
Bankruptcy Institute (ABI), relying on data from the National Bankruptcy
Research Center (NBKRC). Despite the drop from the previous month, the
November filings represented a 12 percent increase over the 99,925
consumer filings in November 2008. Chapter 13 filings constituted 29
percent of all consumer cases in November, unchanged from the October
rate.
'While bankruptcy filings cooled in November, consumers are still
feeling the effects of rising unemployment rates and housing debt,' said
ABI Executive Director
size='3'>Samuel J. Gerdano. 'Bankruptcies are set to top 1.4
million filings for 2009 as consumers and businesses continue to seek
shelter from economic distress.'
###
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
12,400 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
face='Times New Roman'>www.abiworld.org. For additional
conference information, visit
title='blocked::http://www.abiworld.org/conferences.html'
href='http://www.abiworld.org/conferences.html'>
color='#0000ff'>http://www.abiworld.org/conferences.html.
NBKRC is an online research center that offers subscribers access to
up-to-date research and statistics on bankruptcy filings. The database
contains complete information dating back to 1995. For more information
on NBKRC, please visit
href='http://www.nbkrc.com/'>
color='#0000ff'>http://www.nbkrc.com.
Wednesday, December 2, 2009 /sites/default/files/collier/2010/September/septweek4.pdf /sites/default/files/collier/2010/September/septweek4.pdf
Contact: John Hartgen
(703) 739-0800
color='#0000ff'>jhartgen@abiworld.org
CONSUMER
BANKRUPTCY FILINGS REACH HIGHEST MONTHLY TOTAL SINCE 2005 BANKRUPTCY LAW
OVERHAUL
size='3'>August 4, 2009, Alexandria,
Va.— U.S. consumer bankruptcy filings reached 126,434 in July, the
highest monthly total since the Bankruptcy Abuse Prevention and Consumer
Protection Act was implemented in October 2005, according to the
American Bankruptcy Institute (ABI), relying on data from the National
Bankruptcy Research Center (NBKRC). The July 2009 consumer filing total
represented a 34.3 percent increase nationwide from the same period a
year ago, and an 8.7 percent increase over the June 2009 consumer filing
total of 116,365.
size='3'>Chapter 13 filings constituted 28.3 percent of all consumer
cases in July, slightly above the June rate.
'Today's bankruptcy filing number reflects the sustained and growing
financial stress on U.S. households,' said ABI Executive Director
Samuel J.
Gerdano. 'Rising unemployment on top of high
pre-existing debt burdens is a formula for higher bankruptcies through
the end of this year.'
###
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 12,000 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
title='blocked::http://www.abiworld.org/conferences.html'
href='http://www.abiworld.org/conferences.html'>
size='3'>http://www.abiworld.org/conferences.html
face='Times New Roman' size='3'>.
NBKRC is an online research
center that offers subscribers access to up-to-date research and
statistics on bankruptcy filings. The database contains complete
information dating back to 1995. For more information on NBKRC, please
visit
href='http://www.nbkrc.com/'>
color='#0000ff' size='3'>http://www.nbkrc.com
face='Times New Roman' size='3'>.
size='3'>*Definitions from Bankruptcy
Overview: Issues, Law and Policy, by the American
Bankruptcy Institute.
Chapter
7 of the Bankruptcy Code is available to
both individual and business debtors. Its purpose is to achieve a fair
distribution to creditors of the debtor’s available non-exempt
property. Unsecured debts not reaffirmed are discharged, providing
a fresh financial start.
size='3'>Chapter 11 of the Bankruptcy
Code is available for both business and consumer debtors. Its purpose is
to rehabilitate a business as a going concern or reorganize an
individual’s finances through a court-approved reorganization
plan.
size='3'>Chapter 12 of the Bankruptcy
Code is designed to give special debt relief to a family farmer with
regular income from farming.
size='3'>Chapter 13 of the Bankruptcy
Code is available for an individual with regular income whose debts do
not exceed specific amounts; it is typically used to budget some of the
debtor’s future earnings under a plan through which unsecured
creditors are paid in whole or in part.
Tuesday, August 4, 2009