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Monday, July 20th, 2009

Bankruptcy Legislation May Be Back on Table

We've written many times about Illinois Senator Dick Durbin's efforts to keep more people in their homes with his bankruptcy reform legislation.

The "Helping Families Save Their Homes in Bankruptcy Act of 2009" would allow bankruptcy judges to restructure home mortgages to stop foreclosure and keep more people in their homes.

When it came up for a vote this summer, the bill was defeated after some heavy lobbying efforts by banks and lenders. But the reform may not be completely dead.

This week, the Senate Committee on the Judiciary will hold a hearing called "Worsening Foreclosure Crisis: Is It Time to Reconsider Bankruptcy Reform?"

This hearing could rekindle talks of giving bankruptcy judges more power to adjust mortgages to make them affordable.

We'll follow the hearing closely and keep you posted on any developments.

--Check out more information about filing bankruptcy

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Tuesday, June 16th, 2009

Filing Bankruptcy Today: More Bankruptcy Judges Needed

The Washington Post reports today that Barbara Lynn, chair of the bankruptcy committee of the Judicial Conference of the United States, recommended to congress that more bankruptcy judges are needed to handle the growing number of bankruptcy cases.

Her testimony included some interesting facts about filing bankruptcy in the U.S. in 2009:

  • There are currently 324 bankruptcy judgeships
  • Going back 1 year from March 31 of this year, there were 1.2 million bankruptcy filings
  • That is almost double the number filed in 2006
  • Bankruptcy filings grew 31 percent compared to last year

This is another reminder that if you're considering filing bankruptcy, know that you're not alone.

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