Mortgage Daily Logo

Consumer Bankruptcy Filings Fall Again

Mortgage News

For the second month in a row, fewer U.S. consumers resorted to U.S. Bankruptcy Courts to absolve themselves of debt.

Total bankruptcy filings, including commercial and non-commercial filings, amounted to 63,042 during the month of October.

Filings fell from an upwardly revised 64,614 the prior month and also lower than an upwardly revised 70,254 a year prior.

The 12,000-member American Bankruptcy Institute released the latest data Thursday.

Despite the month-over-month and year-over-year improvements, ABI
Executive Director Samuel J. Gerdano noted in the report that year-to-date commercial activity has worsened.

“With financial distress continuing in energy and retail, 2016 business bankruptcies have already surpassed the total registered last year,” Gerdano stated.

Last month’s per-capita rate was 2.53 total bankruptcy filings per thousand in U.S. population.

October’s per-capita rate was highest in Tennessee: 5.66. Alabama’s 5.53 was next, then Georgia’s 4.81, Illinois’ 4.44 and Utah’s 4.16.

Of interest to the mortgage industry are consumer bankruptcy filings, which came to 60,019 as of the most-recent month.

Non-commercial filings fell from the
downwardly revised 61,503 in September and the upwardly revised 67,763 in October 2015.

During the 10 months ended Oct. 31, 2016, there have been
624,242 non-commercial bankruptcy filings, according to historical data previously reported by ABI.

Related Posts

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Third-Quarter 2012 Mortgage Litigation Index

Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Fannie Mae and Freddie Mac Orangeburg County, Richland County, South...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Whistleblower Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.   Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Bank of...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Net Branch Lawsuits

Litigation involving net branch operations. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story PHH Mortgage Corp. Mathews Supreme Court of Virginia na Court held that the term "branch office" includes not only...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming paperwork has been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and furniture need to...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand-new mortgage loan can be a difficult task, especially for first-time homeowners.   After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first...

Newsletter

Don’t worry, we don’t spam