Bankruptcy Filings Will Increase in Fiscal Year 2011 According to Latest ABI Quick Poll
Contact: John Hartgen
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, www.abiworld.org. ABI members and the public are invited to respond to a question on a timely bankruptcy or insolvency issue. Visit 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 www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.