ABIs Sixth International Insolvency Symposium Scheduled for October in London
Contact: John Hartgen
703-894-5935
[email protected]
ABI’S SIXTH INTERNATIONAL INSOLVENCY SYMPOSIUM SCHEDULED FOR OCTOBER IN LONDON
July 21, 2010, Alexandria, Va.— The American Bankruptcy Institute will hold its Sixth Annual International Insolvency & Restructuring Symposium on Oct. 29, 2010, at the Savoy in London, England. The program will feature some of the world's top professionals in restructuring speaking on the industry's hottest topics. The Symposium will also offer attendees the opportunity to earn up to 5.5 hours of CLE credit. The keynote speaker for the daylong program will be James H.B. Sprayregen of Kirkland & Ellis LLP (Chicago), who will discuss his extensive experience representing major U.S. and international companies in- and out-of-court, as well as buyers and sellers of assets in distressed situations.
The conference will begin with an address by ABI President Melissa Kibler Knoll of Mesirow Financial Consulting LLC (Chicago) and program chair Ian G. Williams of Bryan Cave LLP (London).
Program sessions include:
- The 'America Now!' session will look at current trends in U.S. insolvencies and restructurings, including the advent of taxpayer-funded bankruptcies, and explore current legislation and comment on developments in the financial sector for distressed lending.
- Experts from key jurisdictions will describe the practices and procedures available to assist distressed companies to reorganize and restructure out of court in the “Restructurings in Europe” session.
- “Current Issues in Business and Finance” session will feature broadcaster, presenter and journalist Robert Peston, who will give his views on the global financial crisis and the credit crunch.
- “The Great Debate” session will feature experts speaking about large-scale international insolvencies hitting an unexpectedly low level, and whether the sovereign debt crisis and a lack of access to refinancing will lead to a boom in restructuring work.
- A panel will also explore the steps taken to stabilize three major banks that collapsed in Iceland in 2008 and the process underway to restructure the substantial debt that they owed to international creditors during the “Iceland: Restructuring a Nation” session.
Click below for a full list of experts scheduled to speak at the International Insolvency & Restructuring Symposium.
Additionally, all attendees will receive a copy of ABI’s European Union Regulation on Insolvency Proceeding: An Introductory Analysis, Third Edition.
To find out more about ABI’s International Insolvency Symposium, please visit www.abiworld.org/IIS10.
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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 www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
ABI Once Again Partners with UMKC to Hold the 30th Annual Midwestern Bankruptcy Institute Program in October
Contact: John Hartgen
703-894-5935
[email protected]
ABI ONCE AGAIN PARTNERS WITH UMKC TO HOLD THE 30TH ANNUAL MIDWESTERN BANKRUPTCY INSTITUTE PROGRAM IN OCTOBER
July 19, 2010, Alexandria, Va. — The American Bankruptcy Institute (ABI) and the University of Missouri-Kansas City School of Law are again partnering to present the 30th Annual Midwestern Bankruptcy Institute program on Oct. 1. The conference will take place at the Kansas City Marriott Downtown in Kansas City, Mo. The Midwestern Bankruptcy Institute features distinguished speakers on current developments. There will also be a discounted Consumer Track featuring breakout sessions specifically designed for consumer practitioners. Attendees will have the opportunity to earn 8.2 hours of CLE credit, including 1.2 hour of ethics.
Ronald S. Weiss of Berman, DeLeve, Kuchan & Chapman, LC (Kansas City) and Mark G. Stingley of Bryan Cave LLP (Kansas City) are the program co-chairs, and Bankruptcy Judge Dennis R. Dow (W.D. Mo.; Kansas City) is the judicial chair.
Bankruptcy Judges Dennis R. Dow (W.D. Mo.; Kansas City), Robert E. Nugent (D. Kan.; Wichita), and Thomas L. Saladino (D. Ne.; Lincoln) will join Mark G. Stingley of Bryan Cave LLP (Kansas City) for the “Case Law Update” plenary session examining both consumer and business cases.
The luncheon program will feature Chapter 13 Trustee Jan Hamilton (Topeka, Kan.) detailing his argument before the U.S. Supreme Court in Hamilton v. Lanning, in which the Court eventually sided with the defendant.
The Business Track breakout sessions include:
- Real Estate Reorganizations
- 'Chapter 363' -- An Analysis of Leading Asset Sale Cases and Trends
- Business Ethics: Maginot Lines? Examining and Enforcing the Duties Owed by Officers, Financial Advisors and Counsel
The Consumer Track breakout sessions include:
- Success and Failure in Chapter 13
- Consumer Counsel Beware
- Consumer Ethics: Tips on How to Follow the AISA Model Rules of Professional Conduct
For a full list of speakers for both breakout
sessions, please click on the following link:
http://www.abiworld.org/MW10/schedule.html
The Midwestern Bankruptcy Institute will also feature a “Views from the Bench” panel discussion with nine bankruptcy judges from around the region, and three Great Debates sessions on the applicable interest rate in chapter 11, chapter 7 debtors’ counsel and Ponzi scheme investors.
Click on the link below for more information on the
30th Annual Midwestern Bankruptcy Institute program.
http://www.abiworld.org/MW10
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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 www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
ABIs Chicago Consumer Bankruptcy Conference to be Held October 11
Contact: John Hartgen
703-894-5935
[email protected]
ABI’S CHICAGO CONSUMER BANKRUPTCY CONFERENCE TO BE HELD OCTOBER 11
July 28, 2010, Alexandria, Va. — Chicago-area consumer bankruptcy practitioners will have the opportunity to examine current issues affecting the profession at the American Bankruptcy Institute’s (ABI’s) Third Annual Chicago Consumer Bankruptcy Conference on Oct. 11 at the Gleacher Center at The University of Chicago Booth School of Business. Faculty members include experienced local chapter 7 and 13 consumer attorneys, bankruptcy judges and panel trustees from the Northern District of Illinois and a representative from the Chicago Office of the U.S. Trustee. Attendees have the opportunity to earn 5.5 CLE credits, including 1.25 ethics credits.
Co-chairs for the Chicago Consumer Bankruptcy Conference are Brian L. Shaw of Shaw Gussis Fishman Glantz Wolfson & Towbin LLC (Chicago) and Bankruptcy Judge Eugene R. Wedoff (N.D. Ill.; Chicago).
Panel sessions include:
- Ethics and Professional Responsibility: What Your Appearance Obligates You to Do for Your Client
- Is It or Isn't It? Property of the Estate and Exemptions in Consumer Bankruptcy Cases
- Chapter 13: Fees, Lienstripping and Other Current Developments Regarding Consumer Mortgages
- The Supreme Court and Consumer Bankruptcy: A Year (or so) in Review and Its Effect on Your Practice
- Means Test: Update 2010
To view the full list of expert speakers at the Chicago Consumer Bankruptcy Conference, please visit http://www.abiworld.org/Chicago10/schedule.html.
The conference will also feature a luncheon keynote by Ronald R. Peterson of Jenner & Block LLP (Chicago).
For more information on ABI’s Consumer Bankruptcy Conference, please visit http://www.abiworld.org/Chicago10/.
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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 www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
ABIs Reaffirmation Agreements in Consumer Bankruptcy Cases Updated for Rule Changes Cutting-Edge Issues in Consumer Finance
Contact: John Hartgen
703-894-5935
[email protected]
ABI'S REAFFIRMATION AGREEMENTS IN CONSUMER BANKRUPTCY CASES UPDATED FOR RULE CHANGES, CUTTING-EDGE ISSUES IN CONSUMER FINANCE
August 2, 2010 Alexandria, Va. — The American Bankruptcy Institute has released Reaffirmation Agreements in Consumer Bankruptcy Cases, Second Edition, to provide consumer bankruptcy with an important updated resource addressing consumer debtors that want to reaffirm their debts. As the first edition of Reaffirmation Agreements addressed what to expect under BAPCPA, the Second Edition provides an expanded update of reaffirmation essentials, including the necessity, timing and content of reaffirmation agreements. In addition, it addresses cutting-edge issues such as loan modifications, post-discharge litigation and increased involvement by bankruptcy courts. Authored by Prof. Dan Austin of Northeastern University School of Law (Boston)and consumer attorneyDon Lassman (Needham, Mass.), Reaffirmation Agreements discusses the relevant Bankruptcy Code sections and addresses the December 2009 changes to the Federal Rules of Bankruptcy Procedure. It also includes reaffirmation statistics, a sample letter for creditors and a state-by-state comparison of enforcement of ipso facto provisions.
Members of the press interested in interviewing any of the authors should contact John Hartgen at 703-894-5935 or [email protected]. The softbound Reaffirmation Agreements in Consumer Bankruptcy Cases, Second Edition, is available for pre-order ($25 ABI members; $45 non-members) at ABI's Online Bookstore. Click here to order. http://www.abiworld.org/abistore.
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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 www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Prof. Jack Williams Receives ABIs Highest Annual Award
Contact: John Hartgen
703-894-5935
[email protected]
PROF. JACK WILLIAMS RECEIVES ABI’S HIGHEST ANNUAL AWARD
July 30, 2010, Alexandria, Va. — The American Bankruptcy Institute (ABI) presented Prof. Jack Williams of Georgia State University College of Law (Atlanta) with its prestigious Annual Service Award. An ABI member since 1990, Williams is the only academic to serve two terms as ABI’s Robert M. Zinman ABI Resident Scholar: His first term in 2001 was the inaugural term of the ABI Endowment Fund-created program, and his second spanned January 2008 to May 2009. In his role as resident scholar, Prof. Williams assisted ABI with its educational programming and in its role as the authoritative source of bankruptcy information for the Congress, media and public. He also was a contributing author to ABI’s handbook, Bankruptcy and Debt under the Servicemembers Civil Relief Act. The Service Award, ABI’s highest membership award, is presented to the ABI member whose contributions over the past year have been extraordinary, as determined by ABI’s Advisory Board of past presidents.
Prof. Williams teaches at Georgia State University College of Law, where he instructs an assortment of courses, including Advanced Bankruptcy Seminar, Bankruptcy and Insolvency Taxation, Business Bankruptcy, Commercial Law (Lending and Payment Systems) and Federal, State and Local Income Taxation. A member of Georgia State’s faculty since 1991, Williams has been selected as one of the top 10 bankruptcy academics and one of the top 10 bankruptcy accounting and taxation specialists in the United States. He also teaches at the New York Law School LL.M. Program in Taxation, the New York University School of Law Continuing Professional Education Program for the Internal Revenue Service, and the Federal Law Enforcement Training Center. Prof. Williams has previously taught at the University of Georgia School of Law, St. John’s University School of Law in the LL.M. program and the Benjamin N. Cardozo School of Law in New York.
Prof. Williams currently serves as a member of the Advisory Board for the ABI Law Review and is a former director for BDO Seidman, LLP (New York). Prof. Williams also serves as the resident scholar of the Association of Insolvency and Restructuring Advisors, and is a member of the academic board of the Journal of Corporate Renewal and an instructor with the National Association of Credit Managers. He has held positions as the Dean of Faculty for the American Board of Certification, chairman of the Tax Advisory Committee for the National Bankruptcy Review Commission and judicial law clerk for Hon. William J. Holloway (Chief Judge, Tenth Circuit U.S. Court of Appeals). Recently, Prof. Williams was appointed by the Governor of Georgia to serve as a Board Member on the Children and Youth Coordinating Council.
Previous winners of ABI’s Annual Service Award include Bankruptcy Judge Steven Rhodes (E.D. Mich.; Detroit) for his work in advancing ABI’s consumer programs, Rebecca Roof of AlixPartners LLP (New York) for her efforts in creating ABI’s Corporate Restructuring Competition, Ian Williams of Bryan Cave LLP (London) for his work on ABI’s international programs, Lorie Beers of the Seabury Group LLC (New York) for her work on the Complex Financial Restructuring Program, and Chip Bowles of Greenebaum Doll & McDonald PLLC (Louisville, Ky.) for his work on ABI’s Chapter 11 Fee Study.
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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 www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Total U.S. Bankruptcies in First Half of 2010 Up 14 Percent over First Half of 2009
Contact: John Hartgen
703-894-5935
[email protected]
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 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.
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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 www.abiworld.org. For additional conference information, visit 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.
July Consumer Bankruptcy Filings Up 9 Percent from Last Month Year
Contact: John Hartgen
703-894-5935
[email protected]
JULY CONSUMER BANKRUPTCY FILINGS UP 9 PERCENT FROM LAST MONTH, YEAR
August 3, 2010, Alexandria, Va.— 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 Samuel J. Gerdano. “The pace of consumer filings this year remains on track to top 1.6 million filings.”
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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 www.abiworld.org. For additional conference information, visit 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 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.
ABIs Bankruptcy 2010 Views from the Bench Conference in October to Feature 18 Bankruptcy Judges
Contact: John Hartgen
703-894-5935
[email protected]
ABI’s “BANKRUPTCY 2010: VIEWS FROM THE BENCH” CONFERENCE IN OCTOBER TO FEATURE 18 BANKRUPTCY JUDGES
August 2, 2010, Alexandria, Va. — Eighteen bankruptcy judges and top practitioners from around the country will participate at the American Bankruptcy Institute’s “Bankruptcy 2010: Views from the Bench” program on Oct. 1 at The Georgetown University Law Center in Washington, D.C. David R. Kuney of Sidley Austin LLP (Washington, D.C.) is the program chair for the conference. Attendees will have the opportunity to earn 7.5 CLE credits, including 1.0 hour of ethics.
Panel sessions at “Views from the Bench” include:
- Sales under 363(b): Has the “Non-Ordinary” Sale Become Ordinary?
- Intercreditor Issues and Subordinate Financing: “Tranche Warfare”
- Fraudulent Conveyances, Preferences and Lender Liability
- Chapter 11 for the High-Net-Worth Individual
- Confirmation: Hot Cases Roundtable
- Ethics: A New Take on 'When in Doubt, Disclose'
For a full list of session speakers, please visit http://www.abiworld.org/GT10/schedule.html
Lunch at the program will provide attendees a unique opportunity take part in one of three smaller break-out sessions with facilitators leading discussions from the earlier sessions including “Sales under 363(b),” “Intercreditor Issues” and “Fraudulent Conveyances.”
All attendees will also receive a complimentary copy of ABI’s Bankruptcy Litigation Manual: What Civil Litigators Need to Know, also available at http://bookstore.abi.org.
For more information on the “Views from the Bench” conference, please be sure to visit http://www.abiworld.org/GT10.
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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 nearly 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 www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
ABIs Revamped Consumer Bankruptcy Center Features Updated Information New Functionality
Contact: John Hartgen
703-894-5935
[email protected]
ABI’S REVAMPED CONSUMER BANKRUPTCY CENTER FEATURES UPDATED INFORMATION, NEW FUNCTIONALITY
August 24, 2010, Alexandria, Va. — The American Bankruptcy Institute has revamped its Consumer Bankruptcy Center website (http://consumer.abiworld.org) to provide consumers and practitioners with updated and understandable information, along with increased functionality, to learn more about the consumer bankruptcy process. ABI's Robert M. Zinman Resident Scholar for Spring 2010, Juliet M. Moringiello (Widener University School of Law), revised the two 'frequently asked questions' (FAQ) sections of the website to provide an up-to-date perspective of the consumer bankruptcy process in a plain language format that is clear to the general public and bankruptcy professional.
The FAQs also contain a “glossary” so that as users “hover” over important bankruptcy terms with their cursors, easy-to-understand definitions appear in a bubble. Members of the public and consumer bankruptcy practitioners are welcome to link to the revamped site to provide a clear and comprehensive resource to learn more about the consumer bankruptcy process.
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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 www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Growth of Older Americans Filing for Bankruptcy Outpaces Rest of Population According to Study in Latest ABI Journal
Contact: John Hartgen
703-894-5935
[email protected]
GROWTH OF OLDER AMERICANS FILING FOR BANKRUPTCY OUTPACES REST OF POPULATION, ACCORDING TO STUDY IN LATEST ABI JOURNAL
August 23, 2010, Alexandria, Va. — A study released in the September issue of the ABI Journal found that Americans ages 55 and older are filing for bankruptcy at an increasing rate. The study, “Aging and Bankruptcy Revisited,” was written by John Golmant and James Woods at the Administrative Office of the U.S. Courts to update a 2002 study that examined the degree to which bankruptcy filings are a function of age. While the bulk of bankruptcies are filed by middle-aged Americans, the percentage of filers ages 55 and over grew 61 percent from 2002 to 2007, according to Golmant and Woods. “This significant demographic uptick in older bankruptcy filers has outstripped the aging of the general population as a whole,” Golmant and Woods wrote.
The study found that the median age for bankruptcy filers increased to 44.9 years of age in 2007, from 37.7 years of age in 1994 and 41.4 years of age in 2002. The demographic that experienced the largest percentage drop in bankruptcy filings were Americans under 25 years old; they accounted for only 1.7 percent of filers in 2007, as compared to 4 percent in 2002 and 11 percent in 1994.
Golmant and Woods updated their study to determine whether the age trends examined in their previous study continued after the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The authors analyzed samples of 2007 national bankruptcy filing data and compared it with data from 1994 and 2002.
“Baby Boomers” (born between 1946-1964) accounted for 42 percent of all filers in 2007. “The recent housing crisis has worsened the already precarious financial condition of many older Americans,” the study said. States that experienced decreases in the home price index had a 118 percent increase in bankruptcy filings, showing that the collapse of the housing bubble left many Baby Boomers with little or no home equity.
The study also found that one of the effects of BAPCPA has been an increase in the percentage of chapter 13 filings, but that it was difficult to gauge whether BAPCPA itself is causing the trend. “Another possibility is that, due to the mortgage crisis, more debtors were trying to postpone foreclosure on their homes by filing chapter 13,” according to the study.
To obtain a copy of “Aging and Bankruptcy Revisited,” please contact John Hartgen at 703-894-5935 or via email at [email protected].
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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 www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.