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October Bankruptcy Filings Increase 11 Percent over Previous Month; Cornerstone Offers Training Programs to Help CUs Maximize Recovery; Minimize Loss
Wednesday, November 6, 2013 7:00 AM

Total U.S. bankruptcy filings for the month of October increased 11 percent compared to September, according to the American Bankruptcy Institute. October bankruptcy filings totaled 89,875, up from the 80,668 filings registered in September 2013. The 86,331 total noncommercial filings for October represented a 12 percent increase from the September noncommercial filing total of 77,274. Total commercial filings for October 2013 were 3,544, representing a 4 percent increase from the 3,394 filings in September.

The 89,875 total bankruptcy filings in October represented an 11 percent decrease from the 101,399 filings registered in October 2012.

The average nationwide per capita bankruptcy-filing rate through the first 10 calendar months of 2013 (Jan. 1-Oct. 31) was 3.45 (total filings per 1,000 per population). Average total filings per day in October 2013 were 2,899, an 11 percent decrease from the 3,271 total daily filings in October 2012.

Helpful Resources: The Cornerstone Credit Union League’s Bankruptcy & Collections Seminar, Nov. 13-14 in Midland Odessa Pesented by well-known and highly respected attorneys Charles Williams and Mike Blalack of Blalack & Williams, seminar attendees will learn practical and proactive strategies to help them maximize recovery and minimize loss and risk.  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 that are costing credit unions millions across the country will be covered in the Collections seminar.

Credit unions are also encouraged to take advantage of Cornerstone’s “Avoiding Liability in the Collection Process” webinar Dec. 3. Featuring Elizabeth Fast, this webinar will explain all aspects of the collection process, including collection letters, default notices, consumers’ right to cure, repossession of collateral, foreclosure, setoff on deposit accounts, and reporting to credit agencies.