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Contact: John Hartgen
             703-739-0800
             jhartgen@abiworld.org

 

OCTOBER CONSUMER BANKRUPTCY FILINGS CLIMB TO HIGHEST MONTHLY LEVEL SINCE NEW LAW TOOK EFFECT

November 5, 2007, Alexandria, Va. October consumer bankruptcy filings increased to 75,975, the highest monthly total since the new bankruptcy law took effect two years ago, according to the American Bankruptcy Institute (ABI). Data from the National Bankruptcy Research Center (NBKRC) also showed that the October consumer filings represented a 10.23 percent increase from the 68,926 filings in September. Chapter 13 filings constituted 39.47 percent of all consumer cases in October.  The percentage of chapter 13 filings may increase further if proposed home mortgage modification legislation passes Congress. Experts at a House hearing last week testified that 500,000 foreclosures could be averted by using bankruptcy to write down mortgages in the falling housing market.

"Chapter 13's could spike to record levels if Congress enacts pending legislation to allow homeowners to rewrite their mortgages by filing for bankruptcy," ABI Executive Director Samuel J. Gerdano. 

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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 11,500 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.


 

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