PRESS RELEASE: Independent Bankers Association of Texas Announces First Peer Reviewed ProviderNov 29, 2022
AUSTIN, Texas—The Independent Bankers Association of Texas (IBAT) is pleased to announce that AIS Portfolio Services, LLC (AIS) has been selected as the first IBAT Peer Reviewed Provider for its ability to deliver software robotics with AI. AIS develops solutions that integrate with core banking and ancillary systems, automating up to 80% of manual, repetitive processes, at a 99.4% accuracy rating.
NEWS: DOJ Issues New Guidance on Discharging Student Loan Debt in BankruptcyNov 18, 2022
Student loan debt has recently become the largest kind of unsecured debt reported by debtors on their bankruptcy papers, outpacing even the amount of credit card debt. If student loan debts can be more easily discharged in bankruptcy, then it is likely that more debtors holding such debt will seek bankruptcy relief. In an announcement made on November 17th, the U.S. Justice Department (DOJ) may have just made bankruptcy relief significantly more available to student loan debtors.
PRESS RELEASE: AIS Hires Experienced Banking Technology and Operations Executive as Managing Director – Commercial BankingNov 14, 2022
AIS, a Texas-based FinTech and leading provider of back-office automation, quality talent and standardized analytics, today announced the hiring of Tom Clark as Managing Director, Commercial Banking. Clark brings more than 25 years of banking expertise to AIS, eight of which were most recently spent as Chief Information Officer at Cadence Bank.
REPORT: AIS Insight - September 2022 Bankruptcy DataOct 6, 2022
According to the latest AIS Insight Report, September filings were up 7% from September 2021, marking the second consecutive month we’ve seen a YOY uptick. September Chapter 13s were up 41% from September 2021, whereas Chapter 7s decreased 7% for that same time period. Lastly, Chapter 11s were greater than pre-pandemic totals and reached the third highest monthly filing total in the last two years.
NEWS: Chairman Nadler Postpones Congressional Hearing on Consumer Bankruptcy ReformOct 3, 2022
Judiciary Committee Chairman Jerrold Nadler postponed the hearing Congressional hering on Consumer Bankruptcy Reform, originally scheduled for Thursday, September 29, 2022. Before the postponement, witnesses were scheduled to testify and five written statements were submitted for the record. The following is a synopsis of the written statements.
NEWS: Congressional Hearing on Consumer Bankruptcy ReformSep 19, 2022
The House of Representatives’ Judiciary Committee is expected to hold a consumer bankruptcy reform hearing on September 29th at 1pm. The hearing would likely be a subcommittee hearing. At this time, we have been told that the focus will be on the Nadler-Warren legislation introduced at the end of the last Congress.
REPORT: AIS Insight - August 2022 Bankruptcy DataSep 6, 2022
According to the latest AIS Insight Report, August bankruptcies were up 9.59% percent from August 2021. This marks only the second time we’ve seen a year-over-year increase in monthly filings, since the beginning of the pandemic. The last time we saw an increase was April 2021 with 6.45%. In addition, August’s year-over-year increase is also the largest since May 2010.
NEWS: Comment Period Opens For Proposed Amendments To Federal Bankruptcy RulesAug 17, 2022
The Committee on Rules of Practice and Procedure of the Judicial Conference of the United States has published for public comment a host of amendments to existing Federal Rules of Bankruptcy Procedure and Official Forms.
NEWS: FTC Commissioner ResignsAug 9, 2022
Noah Phillips, one of two Republicans on the five-member Federal Trade Commission (FTC), announced his intent to resign in the Fall.
REPORT: AIS Insight - July 2022 Bankruptcy DataJun 7, 2022
According to the latest AIS Insight Report, July filings totaled 30,834, down 4.23% from June. July filings marked a 4.85% decrease year over year when compared to 32,327 filings in July 2022. Chapter 13 filings, which traditionally account for roughly 30 percent of all bankruptcy filings, are up nearly 40 percent over the last 12 months.
REPORT: AIS Insight - June 2022 Bankruptcy DataJun 7, 2022
Bankruptcy filings totaled 32,163 in June, up 2.69% from May. June filings marked a 6.22% decrease year over year when compared to 34,271 filings in June 2021. Chapter 11 filings were up 33.78% from May 2022 and 27.30% from the same month last year. The 499 chapter 11s in June marked the highest total since November 2020. Furthermore, Chapter 13 filings were up 7.71% from May 2022 and 44.91% from June 2021.
REPORT: AIS Insight - May 2022 Bankruptcy DataMay 4, 2022
According to the latest AIS Insight Report, May bankruptcy filings totaled 31,292, reflecting a slight decrease from the previous month (-3.79%) and small decline from May 2021 (-10.05%). Chapter 11 filings totaled 373, reflecting a 26.01% increase from the previous month and a 21.50% increase from May 2021. Furthermore, Chapter 11, Subchapter V filings totaled 122, revealing a 22% increase from April 2022 and a 6.09% increase from May 2021.
PRESS RELEASE: AIS Announces Hiring of Former Director of United States Trustee ProgramApr 5, 2022
AIS, a Texas-based FinTech and leading provider of technology-driven default servicing solutions, today announced the hiring of Cliff White as Managing Director, Bankruptcy Compliance. For 17 years, White led the United States Trustee Program (USTP), the Department of Justice's "watchdog" of the bankruptcy system. He retired on March 31st, after 42 years of federal service.
NEWS: Expanding Eligibility Requirements For Chapter 13Mar 22, 2022
On March 14th, Senator Charles Grassley (R-Iowa) and Senator Durbin (D-Ill) introduced S. 3823, legislation that would expand the eligibility requirements for Chapter 13. Under the legislation, individuals with debt up to $2,750,000 may now file for Chapter 13. This is a substantial increase from the current limitation of $1.6 million. The legislation also removes the current distinctions between secured and unsecured debt when determining whether a borrower/debtor can use Chapter 13.
REPORT: AIS Insight - January 2022 Bankruptcy DataFeb 7, 2022
According to the latest AIS Insight Report, January filings totaled 26,203, down 6.24% from the previous month and 18.97% from January 2021. This marks the lowest number of filings for the month of January in more than 20 years. Chapter 7 filings (15,182) continue to decline for the 10-consecutive month while Chapter 13s accounted for 40.93% of all filings, an increase of 12.75% from January 2021.
NEWS: DOJ Announces Retirement of U.S. Trustee Program DirectorJan 13, 2022
The Justice Department today announced the retirement of Clifford White, the Director of the Justice Department’s U.S. Trustee Program (USTP), effective March 31, 2022.
REPORT: AIS Insight - December 2021 Bankruptcy DataJan 5, 2022
According to the latest AIS Insight report, December bankruptcies totaled 27,946, reflecting a slight decline from the previous month and an 18.61% decrease for the same time period in 2020. December recorded the lowest monthly filings total since January 2006. Total filings across all chapters for the year of 2021 totaled 401,398, down 24.13% from the 529,173 filed in 2020. Excluding pre-COVID pandemic activity, it was noted that March – December 2021 filing totals were 18.56% lower than the same 10-month span in 2020.
REPORT: AIS Insight - November Bankruptcy DataDec 3, 2021
AIS reports that November bankruptcy filings totaled 29,301, marking a year-over-year decrease of 15.05% and a 47.67% decrease when compared to pre-pandemic data (November 2019). Through November 2021 bankruptcy filings for all chapters totaled 407,784, down 25.56% over the same period last year. The slight decrease (6.93%) from October to November is in line with the seasonality we see each year with filings.
REPORT: AIS Insight - October Bankruptcy DataNov 2, 2021
According to the latest AIS Insight Report, October bankruptcy filings totaled 31,483, marking a year-over-year decrease of 21.76% and a 53.57% decrease when compared to pre-pandemic data (October 2019). The 11,161 chapter 13 filings in October represent a 8.70% increase from the previous month and a 32.47% since May. This is the fifth consecutive month that we have seen a rise in chapter 13s.
REPORT: AIS Insight - September Bankruptcy DataOct 5, 2021
According to the latest AIS Insight Report, September bankruptcy filings totaled 30,914, marking a year-over-year decrease of 22% and a 49% decrease when compared to pre-pandemic data (September 2019). This is the lowest September number we have seen in over 20 years and the smallest monthly total since January 2006.