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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