Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Consumer bankruptcy filings up 11
ALEXANDRIA, Va. (10/8/10)--U.S. consumer bankruptcy filings went up 11% during the first nine months of 2010 over the same period a year ago, announced the American Bankruptcy Institute (ABI). ABI clocked more than 1.165 million bankruptcies nationwide, compared with 1.046 million for the period in 2009. It was the highest total since 2005, when Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCAP), said ABI in a press release. "While the 2005 bankruptcy overhaul law aimed to reduce filings, overall consumer debt and continued financial stress have led to consumer bankruptcies climbing back to pre-BAPCAP levels," said Samuel J. Gerdano, ABA executive director. "We expect that there will be nearly 1.6 million new bankruptcy filings by year end." Overall September filings totaled 130,329--4.4% more than the 124,790 recorded filings in September 2009. The September total represents a 3.3% increase from August's filings, which totaled 127,028. Chapter 13 filings constituted 30% of all consumer cases in September, a slight increase from August, said ABI. The institute relied on data from the National Bankruptcy Research Center.


RSS





print
News Now LiveWire
National #LouiseHerring awards for #creditunion philosophy in action selected #NewsNow http://t.co/two4z5lBAU
9 minutes ago
#NewsNow: @CUNA-CFA survey results suggest 3-3.5% increase in holiday spending. http://t.co/GjcDvvwfzy
17 hours ago
.@WOCCU promoted financial inclusion as a sustainable development goal at two separate @UN events this month.
18 hours ago
Colo. authorities OK first-ever #marijuana-focused CU #NewsNow http://t.co/77qj6O3bcu
18 hours ago
.@Vancity busts some Black Friday retail myths http://t.co/q8Wht3CcRc
18 hours ago