How many bankruptcies were there in 2008?

How many bankruptcies were there in 2008?

Just the Facts: Consumer Bankruptcy Filings, 2006-2017

Fiscal Year Total Nonbusiness Bankruptcies Chapter 13 Nonbusiness Bankruptcies
2007 775,344 307,521
2008 1,004,171 350,015
2009 1,344,095 393,786
2010 1,538,033 430,583

What banks closed in 2008?

5 Largest Banks Closed by the FDIC in 2008

  • Washington Mutual — $307 billion estimated assets as of closing date.
  • IndyMac Bank — $32 billion estimated assets as of closing.
  • Downey Savings and Loan — $12.8 billion estimated assets.
  • Franklin Bank, SSB — $5.1 billion.
  • First National Bank of Nevada — $3.4 billion.

How does a chapter 13 bankruptcy case start?

A chapter 13 case begins by filing a petition with the bankruptcy court serving the area where the debtor has a domicile or residence.

Is there an automatic stay in Chapter 13 bankruptcy?

Chapter 13 also contains a special automatic stay provision that protects co-debtors. Unless the bankruptcy court authorizes otherwise, a creditor may not seek to collect a “consumer debt” from any individual who is liable along with the debtor. 11 U.S.C. § 1301 (a).

Who is appointed trustee in Chapter 13 bankruptcy?

In a situation where only one spouse files, the income and expenses of the non-filing spouse is required so that the court, the trustee and creditors can evaluate the household’s financial position. When an individual files a chapter 13 petition, an impartial trustee is appointed to administer the case. 11 U.S.C. § 1302.

Who are the bankruptcy administrators in the US?

The bankruptcy administrator program is administered by the Administrative Office of the United States Courts, while the U.S. trustee program is administered by the Department of Justice. For purposes of this publication, references to U.S. trustees are also applicable to bankruptcy administrators.

How many companies have filed for Chapter 11 bankruptcy?

Chapter 11 bankruptcy allows embattled businesses a limited period of time to restructure their finances and maximize returns to creditors and investors. Hundreds of major corporations have filed for Chapter 11 over the years: Some, like General Motors and United Airlines, survived the process, while others like Lehman Brothers did not.

Why did so many retailers file for bankruptcy?

Hamstrung by disappointing holiday season sales, unseasonably mild winter weather and the strong U.S. dollar, retailers suffered one of the most disappointing stretches in recent memory, culminating in a series of Chapter 11 bankruptcy filings.

When is a Chapter 7 bankruptcy presumptively abusive?

If the debtor’s “current monthly income” (1) is more than the state median, the Bankruptcy Code requires application of a “means test” to determine whether the chapter 7 filing is presumptively abusive.

Who are the brands that survived Chapter 11 bankruptcy?

Back from the dead: 7 retail brands that survived Chapter 11 bankruptcy 1 American Apparel 2 Circuit City 3 Eddie Bauer 4 Linens ‘n Things 5 RadioShack 6 The Sharper Image 7 Wet Seal