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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 a number of protections for consumers in the Fair Debt Collections Practices Act
One important point - you are responsible for your debts. Nothing in this law gives you the right to skip out on your bills. It just protects you from unscrupulous collection agencies. And the lender can take legal action to collect the money.
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News about Bankruptcy in South Carolina and nationwide:
Definition:
Bankruptcy filed by the debtor itself; data from the U.S. Administrative Office of the Courts subdivides bankruptcies into voluntary and involuntary.
Core proceedings
Definition:
Those proceedings that are inherent in and fundamental to the administration of a bankruptcy case.
Disclosure statement
Definition:
A comprehensive disclosure document sent to creditors when they are asked to vote on a plan of reorganization in Chapter 11.
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Murrells Inlet
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Newberry
North Augusta
North Charleston
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Pickens
Piedmont
Rock Hill
Seneca
Simpsonville
Spartanburg
Summerville
Sumter
Taylors
Travelers Rest
Union
Walterboro
West Columbia
York
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