Consumer Bankruptcy

NC Appellate Court Rules Plans Must Be Unambiguous to Hold a Creditor in Civil Contempt, Citing Taggart

After Taggart v. Lorenzen, plans, orders and injunctions must be highly specific to hold an offending creditor in contempt.

July Commercial Chapter 11s Down 62 Percent from Last Year, Total Filings Decrease 24 Percent

Alexandria, Va. Total commercial chapter 11 filings in July 2021 decreased 62 percent from the previous year, according to data provided by Epiq. Commercial chapter 11 filings totaled 244 in July 2021, down from the July 2020 total of 644. Total commercial filings decreased 39 percent in July 2021, as the 1,701 filings declined from the 2,780 commercial filings registered in July 2020. The 32,387 total bankruptcy filings in July 2021 were down 24 percent from the 42,865 total filings in July 2020. Total consumer filings decreased 23 percent in July 2021, as the 30,686 filings fell from the 40,085 consumer filings registered in July 2020.

“Extended stabilization efforts by the federal government, lender forbearance and continued low interest rates have kept struggling families and businesses afloat during the pandemic,” said ABI Executive Director Amy Quackenboss. “As relief programs recede, global supply chains are challenged and potential inflation looms, bankruptcy provides a proven lifeline for financially overwhelmed consumers and companies.”

July’s commercial chapter 11 filings represented a 30 percent decrease from the 349 filings in June 2021. Total commercial filings were down 15 percent over the June 2021 commercial filing total of 1,989. Total bankruptcy filings in July represented a 6 percent increase over the 34,277 total filings recorded the previous month. Total noncommercial filings for July represented a 5 percent increase from the June 2021 noncommercial filing total of 32,288.

The average nationwide per capita bankruptcy filing rate in July was 1.38 (total filings per 1,000 per population), a slight decrease from the filing rate of 1.40 during the first six months of 2021. Average total filings per day in July 2021 were 1,542, a 21 percent decrease from the 1,948 total daily filings in July 2020. States with the highest per capita filing rates (total filings per 1,000 population) in July 2021 were:

1. Alabama (3.13)

2. Nevada (2.85)

3. Tennessee (2.49)

4. Indiana (2.29)

5. Kentucky (2.17)

ABI has partnered with Epiq in order to provide the most current bankruptcy filing data for analysts, researchers and members of the news media. Epiq is a leading provider of managed technology for the global legal profession. To view the full monthly statistic tables provided by Epiq, be sure to visit ABI’s Newsroom.

For further information about the statistics or additional requests, please contact ABI Public Affairs Officer John Hartgen at 703-894-5935 or [email protected].

###

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 10,000 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.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events.

Epiq, a global leader in the legal services industry, takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. Learn more at www.epiqglobal.com.

 

Second Circuit Makes Taggart Applicable to All Contempt Citations in Bankruptcy Court

Even for egregious, repeated violations of Bankruptcy Rule 3002.1, the bankruptcy court may only award recovery of economic losses, never punitive damages.
Court: 

Pages