CUNA News Now: Bankruptcies filings hit record in FY 2005

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WASHINGTON (12/5/05)--Individuals rushing to beat the effective date of a new bankruptcy abuse reform law pushed the number of bankruptcy filings up 10% in fiscal year 2005, according to the Administrative Office of the U.S. Courts. It was the highest number of bankruptcies ever filed.

During the 12-month period ending Sept. 30, the court said 1,782,643 bankruptcies were filed--up from the 1,618,987 bankruptcy cases filed in fiscal year 2004.

Filings for the three-month period from June 30 to Sept. 30 also were the highest number filed for any quarter in the history of bankruptcy, totaling 542,002.

The court attributed the large number of filings to individuals who filed for bankruptcy before Oct. 17--the implementation date of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The Credit Union National Association supported that measure.

The law, signed by President Bush on April 20, includes a number of new requirements of interest to credit unions. They include:

For resources associated with bankruptcy compliance, use the resource link below.



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	News Now LiveWire Most CUs will provide wage increases for at least some of their employees, according to CUNA's just-released Small CU Staff Salary Survey. 12 hours ago St. L Post Dispatch on GAO report:Consumers may not benefit from altering Interchange system;would cut card competition. http://ow.ly/ETyX 13 hours ago CUNA's Hampel: Consumer holiday spending will be up slightly from last year. See Tues NN. 17 hours ago NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts. 4 days ago Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan. 4 days ago Sign up; more tweets... Bankruptcies filings hit record in FY 2005 WASHINGTON (12/5/05)--Individuals rushing to beat the effective date of a new bankruptcy abuse reform law pushed the number of bankruptcy filings up 10% in fiscal year 2005, according to the Administrative Office of the U.S. Courts. It was the highest number of bankruptcies ever filed. During the 12-month period ending Sept. 30, the court said 1,782,643 bankruptcies were filed--up from the 1,618,987 bankruptcy cases filed in fiscal year 2004. Filings for the three-month period from June 30 to Sept. 30 also were the highest number filed for any quarter in the history of bankruptcy, totaling 542,002. The court attributed the large number of filings to individuals who filed for bankruptcy before Oct. 17--the implementation date of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The Credit Union National Association supported that measure. The law, signed by President Bush on April 20, includes a number of new requirements of interest to credit unions. They include: New affirmation agreements; Financial counseling before those wishing to file for bankruptcy; and A declaration by debtors of what they will do with the collateral. For resources associated with bankruptcy compliance, use the resource link below. Resource Links Bankruptcy compliance resources More Washington
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