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Bankruptcy filings on the rise as bankruptcy reform approaches third anniversary

October 17, 2008 marked the third anniversary of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("BAPCPA"). This sweeping bankruptcy reform was designed to eliminate bankruptcy as an option for many would-be filers. While there is no doubt BAPCPA impacted bankruptcy filings both nationally and in West Virginia, recent trends suggest filings are on the rise and could reach pre-BAPCPA levels in the foreseeable future.

The 2005 Boom

USA, West Virginia, Insolvency & Restructuring, Dinsmore & Shohl LLP, Bankruptcy, Debtor, Consumer protection, Economy, United States bankruptcy court
The Twilight Zone Redux

Recent Developments in the Zone of Insolvency

USA, Insolvency & Restructuring, Dinsmore & Shohl LLP, Shareholder, Fiduciary, Federal Reporter, Debt, Bank of New York Mellon, Delaware Court of Chancery, Delaware Supreme Court, Third Circuit
West Virginia bankruptcy courts split on whether 910 auto loans are entitled to interest

One of the significant changes brought about by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("BAPCPA") was the treatment of loans secured by automobiles in Chapter 13 cases. Prior to BAPCPA, debtors were permitted to "cram down" the secured portions of automobile loans to the fair market value of the collateral. This often resulted in significant reductions to claims secured by automobiles.

USA, Insolvency & Restructuring, Litigation, Dinsmore & Shohl LLP, Bankruptcy, Debtor, Consumer protection, Unsecured debt, Collateral (finance), Interest, Credit risk, Fair market value, Secured loan, United States bankruptcy court
Bankruptcy proof of claim form recently changed

Effective December 1, 2007, the official proof of claim form filed in bankruptcy cases changed. While the basic information included on the proof of claim form remains the same, there are some changes creditors should be aware of which are summarized below.

Creditor Information

USA, Insolvency & Restructuring, Dinsmore & Shohl LLP, Credit card, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Mortgage loan, Deed of trust (real estate), Social Security number, Wrongful death claim, Uniform Commercial Code (USA)