Bar News - June 23, 2006
New Bankruptcy Law Contributing to Decreased Caseloads
Nearly two-thirds of the respondents (63 percent) to a recent American Bankruptcy Institute (ABI) online poll reported a decrease in caseloads over the past six months due in part to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). Only 13 percent of the respondents said they experienced an increased caseload over the past six months, which they attributed in part to the implementation of BAPCPA.
Out of the respondents who felt the new law had little impact on their caseloads over the past six months, 3 percent reported an increase in cases, while 9 percent reported a decrease. Twelve percent of respondents claimed that BAPCPA had no noticeable impact on their caseloads. Bankruptcy filings are way down in 2006, averaging about 10,000 new cases per week, compared to about 30,000 per week in recent years.
ABI members were welcome to submit their response to the following statement: “Six months into the new bankruptcy law, the impact on your practice has been: Increased/decreased caseload, caused/unrelated in part to the law?” This poll was open for voting from May 11-18.
For more information, go to the American Bankruptcy Institute web site at www.abiworld.org.