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February Bankruptcy Filings Decrease 12 Percent from Previous Year
Friday, March 7, 2014 6:50 AM

Total bankruptcy filings in the U.S. decreased 12 percent in February over the same period last year, according to the American Bankruptcy Institute. Filings totaled 72,193 in February 2014, down 12 percent from the February 2013 total of 82,336. Consumer filings declined 12 percent to 69,380 from the February 2013 consumer filing total of 78,614.

Total commercial filings in February 2014 decreased to 2,813, representing a 24 percent decline from the 3,722 business filings recorded in February 2013. Total commercial chapter 11 filings also decreased 27 percent, to 452 filings in February from the 619 commercial chapter 11 filings recorded in February 2013.

While bankruptcies were down from a year ago, February’s bankruptcy filings trended upward from January. Total bankruptcy filings for the month of February represented a 6 percent increase over the 68,187 total filings registered in January 2014. The total noncommercial filings for February also represented a 6 percent increase from the January 2014 noncommercial filing total of 65,286. Although the February commercial filing total represented a 3 percent decline from the January 2014 commercial filing total of 2,901, February commercial chapter 11 filings represented a 17 percent increase when compared to the 388 filings recorded the previous month.

The average nationwide per capita bankruptcy filing rate in February increased to 2.71 (total filings per 1,000 per population), a slight increase from the 2.64 rate registered in January 2014. With fewer days to file in the month, the average total filings per day in February were 2,578, a 12 percent decrease from the 2,941 total daily filings in February 2013.

 

Helpful Resources:

Cornerstone Credit Union League’s Bankruptcy & Collections seminars May 20-21 in Little Rock, Ark.

The Bankruptcy seminar focuses on bankruptcy essentials for the new credit union bankruptcy officer, as well as current and emerging problems for credit unions in the bankruptcy courts. Automatic stay issues involving post-petition repossessions, payroll deductions, credit reporting, and other unintentional violations will also be addressed.

The Collections seminar will cover all of the key legal issues impacting delinquent vehicle loans, repossessions and the disposition of collateral. It is critical for credit union staff to know the laws applicable to credit union repossessions and to fully understand all of the legal requirements which must be followed in order to be in full compliance throughout the repossession process. Collectors of all experience levels will benefit from this practical new look at the legal issues surrounding credit union repossessions.