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.
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.
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 - February 2022 Bankruptcy DataMar 3, 2022
According to the latest AIS Insight Report, February filings totaled 26,997, up 3% from the previous month and down 13.54% from February 2021. Over the last four months, Chapter 13’s have remained relatively flat, averaging approximately 10,600 filings per month. However, February’s count reached 10,669 which showed a 24.91% increase from the same month last year.
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.
REPORT: AIS Insight - August Bankruptcy DataAug 9, 2021
According to the latest AIS Insight Report, August bankruptcy filings totaled 32,261. This reflects a slight decrease (0.39%) from the previous month and an 18% decrease compared to August 2020. This also marked the lowest number of total filings in August in over 20 years, as well as a 51% drop from pre-pandemic numbers in August 2019.
NEWS: Senate Judiciary Committee On Student Loan Bankruptcy ReformAug 5, 2021
On August 3rd, the Senate Judiciary Committee held a hearing on the dischargeability of student loans in bankruptcy. At the hearing, Senator Durbin (D-Ill) and Senator Cornyn (R-Texas) introduced the ‘‘FRESH START Through Bankruptcy Act.’’ The hearing focused on the perceived need to provide debt relief to student borrowers. Learn more about the hearing and when the Senate may attempt to pass the Act.
REPORT: AIS Insight - July Bankruptcy DataAug 3, 2021
According to the latest AIS Insight Report, July bankruptcy filings totaled 32,327. This reflects a slight decrease (5.68%) from the previous month and a 25.72% decrease compared to July 2020. Continuing a trend we’ve seen since May, our most recent report reveals the lowest filing totals dating back to 1985.
REPORT: AIS Insight - June Bankruptcy DataJul 6, 2021
According to the latest AIS Insight Report, June bankruptcy filings totaled 34,269. This reflects a slight decrease (1.45%) from the previous month and a 19.22% decrease compared to June 2020. Similar to what we saw in May, our most recent report reveals the lowest filing totals for the month of June in more than 20 years. Our analysis also shows that year-to-date filings (216,995) mark the lowest January-June total in over two decades.