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Bankruptcy News
Bankruptcy Filings Rose In March 2006 12-Month Period
The number of bankruptcy cases filed in federal courts rose 12.8 percent in the 12-month period ending March 31, 2006, according to statistics released today by the Administrative Office of the U.S. Courts. Bankruptcy cases totaled 1,794,795 for that period, compared to 1,590,975 bankruptcy cases filed in the 12-month period ending March 2005.
Prior to the March 2006 12-month reporting period, bankruptcy filings rose 30 percent in the 12-month period ending December 31, 2005. The increase in both the December and March 12-month reporting periods was the result of many debtors filing for bankruptcy before the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 took effect on October 17, 2005. The March reporting period includes bankruptcy petitions filed during that period.
Non-business filings for the 12-month period ending March 31, 2006, totaled 1,759,503, up 12.9 percent from the 1,559,023 total non-business filings in the 12-month period ending March 31, 2005. Business filings in March 2006, totaled 35,292, up 10.5 percent from the 31,952 bankruptcy petitions filed in the 12-month period ending March 31, 2005.
Many family finances include a credit card debt
The typical family filing for bankruptcy in 1997 owed more than one and a half times its annual income in short-term, high-interest debt. A family earning $24,000 had an average of $36,000 in credit card and similar debt.
Definition:
A set of amendments to the Bankruptcy Reform Act of 1978. It contains a number of provisions including: limiting the jurisdiction of the bankruptcy court.
Avoidance power
Definition:
The power of the court to invalidate certain obligations or transactions undertaken by a debtor prior to filing bankruptcy.
Deed in Lieu of Foreclosure
Definition:
If you will be unable to cure the default, and a private sale does not appear realistic, VA will consider accepting a deed in lieu of foreclosure. If there are no liens on the property, and VA agrees to accept a deed, you will have to sign legal papers making VA the owner of the property.
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