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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.
There are defined legal debtor rights
Debtor-creditor law governs situations where one party is unable to pay a monetary debt to another. While you have an obligation to pay your bills on time, there are laws to protect your rights if you should find yourself being pursued by a debt collection agency.
Definition:
The failure by an entity to abide by the covenants in a debt obligation or other agreement to which it is a party. The most common default is non-payment of interest or principal.
Repo Laws Repossess
Definition:
The repo laws: If you don't make your car payments for a number of months, your lender may repo or repossess your car. Without a car you may not be able to get to work.
Chapter Thirty Three
Definition:
An unofficial term describing a company that has filed for Chapter 11 three times.
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