Bankruptcy blog

Chapter 13 bankruptcy filing is a way for individuals in the United States to undergo a financial reorganization supervised by a federal bankruptcy court. The Bankruptcy Code anticipates the goal of Chapter 13 as enabling income-receiving debtors a debtor rehabilitation provided they fulfill a court-approved plan. Compare the goal of Chapter 13 with the relief contemplated in Chapter 7 that offers immediate, complete relief of many oppressive debt(s).

Choosing Chapter 13

An individual who is badly in debt can file for bankruptcy either under Chapter 7 ( liquidation, or straight bankruptcy), under Chapter 13 (reorganization) or Chapter 11, Title 11, United States Code.

Debtors may also be forced into bankruptcy by creditors in the case of an involuntary bankruptcy, but only under Chapters 7 or 11. However, in most instances the debtor may choose under which chapter to file.

The debtor’s financial characteristics and the type of relief sought plays a tremendous role in the choice of chapters. In some cases the debtor simply cannot file under Chapter 13, as he or she lacks the disposable income necessary to fund a viable Chapter 13 plan (see below). Furthermore, Section 109(e) of Title 11, United States Code sets forth debt limits for individuals to be eligable to file under Chapter 13 the debt limits for filing Chapter 13 of unsecured debts of less than $336,900.00 and secured debts of less than $1,010,650.00. These debt limits are subject to annual cost of living increases and represent values updated through April 1, 2007.

Under Chapter 13, the debtor proposes a plan to pay his creditors over a 3 to 5 year period. During this period, his creditors cannot attempt to collect on the individual’s previously incurred debt except through the bankruptcy court. In general, the individual gets to keep his property, and his creditors end up with less money than they are owed.

Disadvantages of Chapter 13

The disadvantage of filing for personal bankruptcy is that a record of this stays on the individual’s credit report for 10 years. During the pendency of a Chapter 13 case the debtor is not permitted to obtain additional credit without the permission of the bankruptcy court. Moreover, creditors may not be willing to risk lending money to such an individual. However, this disadvantage is not unique to Chapter 13; it may also apply to individuals currently in a Chapter 11 case or those who are in or have recently been in a Chapter 7 case.

Advantages of Chapter 13

The advantages of Chapter 13 over Chapter 7 include: the ability to stop foreclosures and to have a mortgage that has been accelerated declared reinstated upon bankruptcy plan completion; to achieve a super discharge of debts of kinds not dischargeable under Chapter 7; to value collateral; to bifurcate the security interest of creditors in certain property that creditors are either charging too much interest for, or are over-secured, or both, and in some cases; to prevent collection activities against non-filing co-signers (co-debtors) during the life of the case.

The Chapter 13 Plan

A Chapter 13 plan is a document filed with or shortly after a debtor’s Chapter 13 bankruptcy petition.

The plan details the treatment of debts, liens, and the secured status of assets and liabilities owned or owed by the debtor in regard to his bankruptcy petition. In order for plans to take effect, it must meet a number of requirements. These are specified in § 1325 and include:

• providing that unsecured creditors will receive at least as much through the chapter 13 plan as they would in a chapter 7 liquidation
• either not be objected to, repay all creditors in full, or commit all of the debtor’s disposable income to the Chapter 13 plan for at least three years (or five years for a debtor who makes an above median income)

Statistics

2003 Statistics

Bankruptcy filings by individuals:

• Chapter 7 filings: 1,156,284
• Chapter 11 filings: 959
• Chapter 13 filings: 468,562

Bankruptcy filings by businesses:

• Chapter 7 filings: 21,008
• Chapter 11 filings: 9,185
• Chapter 12 filings: 698
• Chapter 13 filings: 5,201

The total number of bankruptcies rose 7.4 percent over the previous twelve months. These totals were for the 12-month period ending September 30, 2003.

Source: November 14 2003 News Release, Administrative Office of the U.S. Courts. (External link to PDF file: [1])

2004 Statistics

TOTAL bankruptcies:

• Chapter 7 filings: 1,153,865
• Chapter 11 filings: 10,368
• Chapter 12 filings: 238
• Chapter 13 filings: 454,412

Bankruptcy cases filed in federal courts fell 2.6 percent in fiscal year 2004 according to the
Administrative Office of the U.S. Courts. During the 12-month period ending September 30, 2004, 1,618,987 bankruptcies were filed, down from the 1,661,996 bankruptcy cases filed in fiscal year 2003.

Source: November 14 2003 News Release, Administrative Office of the U.S. Courts. (External link to PDF file: [2])

See also

• Chapter 7
• Chapter 11
• Chapter 12

External Links

• Graphical view of the procedure under the Bankruptcy Code post BAPCPA

• National Association of Consumer Bankruptcy Attorneys

References

The United States Bankruptcy Court is a federal court that has subject matter jurisdiction over bankruptcy cases. Bankruptcy cases cannot be filed in state court. Each of the 94 federal judicial districts handles bankruptcy matters.

The bankruptcy judges in each judicial district in regular active service constitute a “unit” of the applicable United States district court (see ). The bankruptcy judge is appointed for a term of 14 years by the United States court of appeals for the circuit in which the applicable district is located (see ).

Technically, the United States district courts have subject matter jurisdiction over bankruptcy matters (see ). However, each such district court may, by order, “refer” bankruptcy matters to the bankruptcy court (see ). As a practical matter, most district courts have a standing “reference” order to that effect, so that all bankruptcy cases in that district are handled, at least initially, by the bankruptcy court. In unusual circumstances, a district court may in a particular case “withdraw the reference” (i.e., take the case or a particular proceeding within the case away from the bankruptcy court and decide the matter itself) under .

The overwhelming majority of all proceedings in bankruptcy are held before a United States bankruptcy judge, whose decision in all matters is final, subject to appeals to the district judge or a Bankruptcy Appellate Panel (”BAP”) for review of the decision.

External links

• Official site of the U.S. bankruptcy courts

The United States Bankruptcy Court is a federal court that has subject matter jurisdiction over bankruptcy cases. Bankruptcy cases cannot be filed in state court. Each of the 94 federal judicial districts handles bankruptcy matters.

The bankruptcy judges in each judicial district in regular active service constitute a “unit” of the applicable United States district court (see ). The bankruptcy judge is appointed for a term of 14 years by the United States court of appeals for the circuit in which the applicable district is located (see ).

Technically, the United States district courts have subject matter jurisdiction over bankruptcy matters (see ). However, each such district court may, by order, “refer” bankruptcy matters to the bankruptcy court (see ). As a practical matter, most district courts have a standing “reference” order to that effect, so that all bankruptcy cases in that district are handled, at least initially, by the bankruptcy court. In unusual circumstances, a district court may in a particular case “withdraw the reference” (i.e., take the case or a particular proceeding within the case away from the bankruptcy court and decide the matter itself) under .

The overwhelming majority of all proceedings in bankruptcy are held before a United States bankruptcy judge, whose decision in all matters is final, subject to appeals to the district judge or a Bankruptcy Appellate Panel (”BAP”) for review of the decision.

External links

• Official site of the U.S. bankruptcy courts

For bankrupcty in Scotland see Sequestration

There is no single law on bankruptcy in the United Kingdom with there being one system for England and Wales, one for Northern Ireland and one for Scotland.

Bankruptcy Law

There are two main personal insolvency regimes in the UK: one for England and Wales and another for Scotland. In England and Wales the majority of personal insolvencies are “bankruptcies”. The remainder are Individual Voluntary Arrangements or IVAs, which are arrangements between the debtor and his or her creditors for the payment of the debts on different terms: for example by instalments, or over a period of time. These two forms of insolvency have close equivalents in Scotland, where bankruptcies are known as sequestrations and the equivalent of IVAs are Protected Trust Deeds, or PTDs.

In bankruptcy, an indebted individual sees his debts forgiven in return for surrendering his assets (and sometimes a limited proportion of his income). He is allowed however to retain so-called “exempt” assets such as tools-of-trade and basic necessities and the generosity of this exemption level has received much attention in the USA where it varies among states, potentially affecting bankruptcy filing rates.

Bankruptcy is handled by a Trustee in bankruptcy who must be either the Official Receiver (a civil servant) or a licensed insolvency practitioner.

Following the introduction of the Enterprise Act 2002’s bankruptcy provisions in April 2004, an England & Wales bankruptcy will now normally last no longer than 12 months and may be less, if the Official Receiver files in Court a certificate that his investigations are complete. However, in cases where the bankrupt is considered particularly culpable for his or her insolvency, the bankruptcy can last for up to 15 years, although such orders are rare.

Why are bankruptcies soaring?

Some claim that the Enterprise Act threatens massively to increase the number of bankruptcy cases. Indeed, bankruptcies have risen considerably since the change. However they were already on an upward trend, and the rise is mirrored in Scotland, where there has been no legislation change.

A popular alternative explanation for the run-up in UK insolvencies is “destigmatisation” - people, it is said, are becoming less ashamed of going bankrupt. This is hard to prove, but some evidence is provided by figures showing that, increasingly, bankruptcy petitions are filed by debtors themselves, rather than their creditors.

The UK average household debt-to-income ratio has risen substantially in recent years, leading some to attribute the rise in insolvencies to excessive borrowing. However, the ratio of debt repayment costs to income has remained quite low, weakening this claim. Moreover, the rise in borrowing could itself be a reflection of a lower “fear” of bankruptcy - the destigmatisation effect again.

Insolvency figures

• (p) are provisional figures
• Sources: http://www.dtistats.net/sd/insolv200505/table2.htm http://www.dtistats.net/sd/insolv200602/table2.htm

External links

• British household indebtedness and financial stress: a household-level picture [PDF] Quarterly Bulletin, Personal Sector Articles, Winter 2004 (Report for Bank of England)
• Website of the Insolvency Service in the UK
• National Debtline Bankruptcy information document

The United States Bankruptcy Court is a federal court that has subject matter jurisdiction over bankruptcy cases. Bankruptcy cases cannot be filed in state court. Each of the 94 federal judicial districts handles bankruptcy matters.

The bankruptcy judges in each judicial district in regular active service constitute a “unit” of the applicable United States district court (see ). The bankruptcy judge is appointed for a term of 14 years by the United States court of appeals for the circuit in which the applicable district is located (see ).

Technically, the United States district courts have subject matter jurisdiction over bankruptcy matters (see ). However, each such district court may, by order, “refer” bankruptcy matters to the bankruptcy court (see ). As a practical matter, most district courts have a standing “reference” order to that effect, so that all bankruptcy cases in that district are handled, at least initially, by the bankruptcy court. In unusual circumstances, a district court may in a particular case “withdraw the reference” (i.e., take the case or a particular proceeding within the case away from the bankruptcy court and decide the matter itself) under .

The overwhelming majority of all proceedings in bankruptcy are held before a United States bankruptcy judge, whose decision in all matters is final, subject to appeals to the district judge or a Bankruptcy Appellate Panel (”BAP”) for review of the decision.

External links

• Official site of the U.S. bankruptcy courts

For bankrupcty in Scotland see Sequestration

There is no single law on bankruptcy in the United Kingdom with there being one system for England and Wales, one for Northern Ireland and one for Scotland.

Bankruptcy Law

There are two main personal insolvency regimes in the UK: one for England and Wales and another for Scotland. In England and Wales the majority of personal insolvencies are “bankruptcies”. The remainder are Individual Voluntary Arrangements or IVAs, which are arrangements between the debtor and his or her creditors for the payment of the debts on different terms: for example by instalments, or over a period of time. These two forms of insolvency have close equivalents in Scotland, where bankruptcies are known as sequestrations and the equivalent of IVAs are Protected Trust Deeds, or PTDs.

In bankruptcy, an indebted individual sees his debts forgiven in return for surrendering his assets (and sometimes a limited proportion of his income). He is allowed however to retain so-called “exempt” assets such as tools-of-trade and basic necessities and the generosity of this exemption level has received much attention in the USA where it varies among states, potentially affecting bankruptcy filing rates.

Bankruptcy is handled by a Trustee in bankruptcy who must be either the Official Receiver (a civil servant) or a licensed insolvency practitioner.

Following the introduction of the Enterprise Act 2002’s bankruptcy provisions in April 2004, an England & Wales bankruptcy will now normally last no longer than 12 months and may be less, if the Official Receiver files in Court a certificate that his investigations are complete. However, in cases where the bankrupt is considered particularly culpable for his or her insolvency, the bankruptcy can last for up to 15 years, although such orders are rare.

Why are bankruptcies soaring?

Some claim that the Enterprise Act threatens massively to increase the number of bankruptcy cases. Indeed, bankruptcies have risen considerably since the change. However they were already on an upward trend, and the rise is mirrored in Scotland, where there has been no legislation change.

A popular alternative explanation for the run-up in UK insolvencies is “destigmatisation” - people, it is said, are becoming less ashamed of going bankrupt. This is hard to prove, but some evidence is provided by figures showing that, increasingly, bankruptcy petitions are filed by debtors themselves, rather than their creditors.

The UK average household debt-to-income ratio has risen substantially in recent years, leading some to attribute the rise in insolvencies to excessive borrowing. However, the ratio of debt repayment costs to income has remained quite low, weakening this claim. Moreover, the rise in borrowing could itself be a reflection of a lower “fear” of bankruptcy - the destigmatisation effect again.

Insolvency figures

• (p) are provisional figures
• Sources: http://www.dtistats.net/sd/insolv200505/table2.htm http://www.dtistats.net/sd/insolv200602/table2.htm

External links

• British household indebtedness and financial stress: a household-level picture [PDF] Quarterly Bulletin, Personal Sector Articles, Winter 2004 (Report for Bank of England)
• Website of the Insolvency Service in the UK
• National Debtline Bankruptcy information document

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The British residential property market has experienced a rise in house prices significantly above base rate inflation over the past few years (beginning around 2000/1).

House price inflation reached rates of 20 per cent per annum, but now seems to have slowed. The total shortage of housing is estimated at 2–3 million homes, with the shortage rising by 100,000 homes per year due to the fall in the average household size from 3.2 in the 1960s to 2.2 now [due to a long term trend of fewer occupants per dwelling], immigration and population movement from the North to the South of England.

The housing crisis

The housing crisis has caused the British Government to launch two reviews of the housing market, due to dramatic market failure (only 134,000 new builds for more than 230,000 household formations per year, and rising), the Barker Report (supply issues and what can be done to increase flexibility in the market) and the Miles Report (the UK mortgage industry and how it can be made more long-term).

Widespread disillusionment with property prices has recently led to the formation of political campaigns such as Priced Out aiming to pressure the government into taking action on the affordability issues particularly for the under 40’s. It is estimated that high house prices depress birth-rates through preventing couples from becoming cohabiting in their own home.
There has been dramatic inflation in house prices both in regional terms (London has seen much inflation in 2006 and 2007, whilst the North of England and Scotland have also seen dramatic inflation during this period) as well as affordability issues for over 50% of the population (from the Highlands of Scotland, where second-home buyers have nearly priced the local population out of the market) to the South and Southwest.

In Japan an equivalent housing bubble between 1984 and 1990, led to a 10 year recession, as high house price inflation ‘crowded out’ all other forms of expenditure, and the bubble eventually burst causing a dramatic house price crash. In real terms house prices in Japan in June 2007 are still below those in 1990, some 17 years prior. As of 2006 and 2007 housing bubbles are being experienced in the USA and Spain, where there is now a crash and the beginnings of a crash, respectively. High levels of demand at high prices are not sustainable in housing due to the affordability constraint.

The figure of 134,000 built in 2002 is contradicted by the National House-Builder Council which quotes there were 160,800 homes built in 2002. In 2006 they quote 185,000, which is above the original Barker report estimate of 179,000 household formations a year. There appears to be little statistical evidence to support the claims of that a fall in number of new homes built is the cause of the house prices rises. For example, in the 1990s an average of 158,910 houses were built each year (NHBC figures) against 172,000 for each of the five years to 2006. Prices at the end of the 1990s, when adjusted for inflation, were less than at the start of 1990, whereas prices between Q4 2001 and Q4 2006 increased 60%, again when adjusted for inflation (figures from the Nationwide Building Society’s house price data: ). House prices at the end of 2006 were 35% above the trend prices of the last 30 years.

Increased divorce rate is another often quoted reason for increasing house prices, but this metric peaked in 1993 http://www.statistics.gov.uk/cci/nugget.asp?id=170 - a year of static or falling prices.

There is more evidence that Buy-to-Let has created a shortage in houses to buy than there is for high levels of homelessness. In 1990s Buy-to-Let accounted for about 1% of loans taken out for the purposes of buying a house. In 2006, the 330,000 buy-to-let mortgages that were taken out accounted for 9% of outstanding home loans (Council of Mortgage Lenders http://www.cml.org.uk/cml/media/press/1112).

Causes

The Housing Act 1980 introduced the right to buy of long term tenants in council housing to purchase their homes. As a direct consequence private home ownership in the UK grew from 55% in 1980 to 67% in 1990 and 2.1 million properties in private hands. A condition of the act was that if the new owner sold the property within five years they paid back a proportion of the capital gain. A discounted council property purchased in 1987 for £12,000 could be valued at 5 times that in 1992. As a result an amount of latent equity rapidly built up. The recession of the early 1990s slowed this market but by 1995 when the tie-in period for most ‘right to buyers’ had expired a large number of new buyers rapidly moved into the open property market. In 1997 the Labour Government ended the discount in London and parts of South East England increasing the pressure on prices. In 2001 a new law empowered local authorities to transfer their remaining housing stock to private corporations for redevelopment forcing a further upward pressure on prices.

Demand for property measured by household formation has soared due to an ageing population (the death rate has fallen resulting in fewer houses being released each year), divorce and single-parenthood, and high levels of net immigration (estimated at between 250,000 and 400,000 over each of the ten years between 1997 and 2007) according to details from the Office for National Statistics. Immigration is also important to the construction industry as a source of labour.

With buy to lets also beginning to take up a larger section of property, this is having an artificial effect as well as new developments being produced and specifically designed for high earning executives in places where very few exist.

Another alleged cause of the housing crisis is the system introduced in 1947 under the Town and Country Planning Act. This created ‘planning departments’ and greenbelts which have barred housebuilding around major cities in the UK. Combined with the introductions of National Parks, Areas of Outstanding Natural Beauty, and Conservation Areas, there are effective bars on housebuilding on the most undeveloped land in the UK in 2007.

In 2007 there are cross-party calls to abolish planning departments at both local and regional levels to resolve the crisis.

Nationwide, buy-to-let investors are a major contributor to house-price inflation, but there remains the simple problem that insufficient housing stock is built as compared to household formation. Areas with low density and rural areas are having a harder time dealing with the present housing crisis, as simply building more houses is impossible due to the planning system.

The Solution

The Barker Report[1] proposed solution to the problems faced in 2006 is to :

• dramatically increase housebuilding to clear the backlog of 2-3 million missing homes in late 2006.

while proposed mechanisms to achieve this include

• abolishing planning departments and greenbelt designations,
• re-introducing controls on immigration to bring net immigration down to as low as possible (ideally ensuring no more population increase in the UK).

It has been stated that 2 million new homes are needed over the 5 years to 2012 just to clear most of the existing shortage of homes.

Housepricecrash.com [2] is another major campaign portal for analysing the Housing Bubble, Housing Crisis and Possible Solutions.

Aside from possible intervention by the government, the situation may resolve itself. Previous cyclical peaks in prices and affordability have been followed either by a price correction (1990s) or stagnation (1970s) while inflation raises income.

Debate

The affordability of British housing is seen as an important factor in keeping inflation under control.

Residential property prices in Britain have risen dramatically between 1996 and 2005. Many commentators (property bears) believe that in part this is not due to economic reasons but to a bubble mentality among speculators ; other commentators (property bulls) claim that the rise in prices is a rational reaction to the low housing supply and moderate employment (unemployment is only 2.8 million using overall figures including incapacity benefit claimants).

The unprecedented price levels http://www.pricedout.org.uk/Articles/JustHowUnaffordableAreHousePrices/tabid/99/Default.aspx have excluded record levels of first time buyers from buying http://www.pricedout.org.uk/Articles/StatisticsJan2006/tabid/69/Default.aspx and are preventing many more buyers from being able to trade up.

House prices have risen most rapidly in Northern Ireland, where the average price now exceeds that of Great Britain. Here, in particular, the gap between average earnings and house prices, and between rental incomes and house prices, has been acute. In the mainland, there has also been rapid relative divergence in property prices between London and South East England compared to the other English regions, deepening the ‘North/South divide’ as skilled professionals from the South are increasingly unwilling to move to other areas in the knowledge they will be unable to afford to move back.

Targets for housebuilding have been set at 2 million new homes needed between 2006 and 2012.

Affordability ratios

A number of ratios have been developed to judge the sustainability of house prices.

• Proportion of Average Income. The long term average ratio of average house prices to average annual incomes has been 3.5:1. In 2005 the ratio was around 6:1 - leading many leading analysts to state that house prices were overvalued by approximately 40%. A further report from Home.co.uk in 2006,http://www.home.co.uk/asking_price_index/HAPIndex_SEP06.pdf comparing average asking prices with average incomes, has shown the UK average ratio to be as high as 10:1.

• New Mortgage Cover. This is the ability of a person on an average wage to cover a mortgage for a “first time buyer” property. In 2007 this was around 41% and rising of post tax income, and was 19% in 1995.

• Comparable Large Purchases. House Prices are often compared to the cost of other large consumer purchases (often new cars). This is more inexact, because of qualitative changes in many of these other purchases, but indications are that a house is now more highly priced in comparison to other consumer goods.

• Rental Yield After Mortgage Interest. This is the market rent for a property, subtracting mortgage interest, and divided by its price, or the average market rent after mortgage interest divided by the average house price. Due to buy to let speculation, this has become a used measure. This is now a negative percentage in much of the UK (to buy a house on a mortgage to rent out, will lose money after all costs are taken into account including void periods - thus there is no positive % yield). Many commentators believe a ‘risk factoring percentage’ must also be deducted from this figure, making it lower still. In much of London such yields have become a negative and are around approximately -4% in June 2007. Economic theory predicts that where negative yields after mortgage interest occur, either house prices must fall or rents must rise.

History

British property prices experienced sharp rises in the late 1980s due to excess demand as the bubble mentality took a grip. Property prices fell by 30% in real terms (though nominal decreases were smaller) through the early nineties due to a lack of affordability and higher interest rates. There was an increase in property repossessions by banks and building societies, and many people were left in negative equity for a number of years.

Prices started to recover in 1996, slowly at first and in some limited areas. By 2001 prices had in most places returned to their pre-correction levels, and continued to rise, so much so that in 2004 many properties were “worth” double their market price only three years before. In many cases prices were increasing by 20% per year (1.5% per month).

Prices saw a cooling in 2005 that led some forecasters to predict a sharp correction in the market, that might have reduced house prices by as much as 40%. However, an admitted error http://www.bbc.co.uk/blogs/thereporters/evandavis/2007/06/the_banks_worst_decision.html on the part of the Bank of England Monetary Policy Committee, led it to cut interest rates in August 2005. This stimulated house-price inflation. This renewed house price inflation in late 2005 continued throughout 2006 and early 2007.

There are strong parallels between the late 1980’s and 2007. As of June 2007 repossessions are at the highest levels ever recorded in the UK, with a similar figure for bankruptcies. House prices are at an all time high in both nominal and real terms, and the house prices to incomes ratios is the highest ever recorded. It is estimated that 50% of all repossessions are from buy-to-let property investors. Restoring prices to the long-term average would require a 50% fall in house prices over the next few years.

In world markets, house price crashes are being experienced in the USA and Spain, while falling rents in the UK may lead to a reduction in property prices in the UK. Japan experienced the biggest ever house price bubble and crash to date. House prices in Japan today are still below the average for 1990, some 17 years before. The current house price bubble in the UK is nearly as big as that of Japan in 1990.

With sub-prime mortgages taking up a larger part of the mortgages in UK property, higher interest rates could cause these to foreclose and provide a flood of cheap property, artificially collapsing the market and making buy-to-let purchases worthless so reducing the supply and demand problem. Reports after the sub-prime crisis show prices falling. http://www.thisismoney.co.uk/mortgages/house-prices/article.html?in_article_id=425220&in_page_id=57&ct=5

Homes worth more than £1 million

Halifax estimates that in 2007 there are 88,000 homes valued at more than £1 million in England and Wales, up from 30,000 in 2002. In London, million pound sales are centred on Kensington and Chelsea. There are other clusters around Cobham, Esher and Weybridge in Surrey and around Altrincham, Macclesfield and Wilmslow in Cheshire”.

References

See also

• Gazump
• Real estate economics
• Home Information Pack
• Stamp duty land tax
• Energy efficiency in British housing

External links

Government Reports/Responses

• Barker Review of Housebuilding Supply – March 2004
• Barker Review of Land Use Planning – late 2006
• Callcutt Review of Housebuilding Delivery – due to report in November 2007
• Office of Fair Trading market study into housebuilding in the UK due to report Summer 2008

Other

• UK House prices since 1952 – Spreadsheet file from Nationwide Building Society
• GlobalHousePriceCrash.com – Discussion forum on global House Prices
• HousePriceCrash.co.uk – Discussion forum on UK House Prices
• This is Money – Daily Mail house prices news
• Priced Out Campaign for Affordable House Prices
• HousePriceDebate.co.uk – ‘Discuss & Research’ engine for UK House Prices

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The United States Bank Holiday of the Great Depression took place in 1933 when Franklin D. Roosevelt closed the banks from March 6 to March 10 to keep depositors from bankrupting the banking system by withdrawing all their money.

Banks were allowed to reopen when they could prove that the money in their reserves was greater than or equal to the money that had been deposited in. If the banks were unsound they would stay closed or could apply for a government loan in order to keep from declaring bankruptcy.

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Chapter 12 refers to Chapter 12 of Title 11 of the United States Code, a chapter of the Bankruptcy Code. This chapter of the Bankruptcy Code is available only to family farmers and fishermen in certain situations. It is similar to Chapter 13 in some ways, but in other ways benefits farmers and fishermen in ways other than that which is available to ordinary U.S. wage earners.

As recently as mid-2004, Chapter 12 was scheduled to expire, but in late 2004 it was renewed and made permanent.

Criticism exists due to the fact that Chapter 12’s relatively advantageous provisions are only available to a limited number of filers.

2003 Statistics

Bankruptcy filings by individuals:

• Chapter 7 filings: 1,156,284
• Chapter 11 filings: 959
• Chapter 13 filings: 468,562

Bankruptcy filings by businesses:

• Chapter 7 filings: 21,008
• Chapter 11 filings: 9,185
• Chapter 12 filings: 698
• Chapter 13 filings: 5,201

The total number of bankruptcies rose 7.4 percent over the previous twelve months. These totals were for the 12-month period ending September 30, 2003.

Source: November 14 2003 News Release, Administrative Office of the U.S. Courts. (External link to PDF file: [1])

2004 Statistics

TOTAL bankruptcies:

• Chapter 7 filings: 1,153,865
• Chapter 11 filings: 10,368
• Chapter 12 filings: 238
• Chapter 13 filings: 454,412

Bankruptcy cases filed in federal courts fell 2.6 percent in fiscal year 2004 according to the
Administrative Office of the U.S. Courts. During the 12-month period ending September 30, 2004, 1,618,987 bankruptcies were filed, down from the 1,661,996 bankruptcy cases filed in fiscal year 2003.

Source: November 14 2003 News Release, Administrative Office of the U.S. Courts. (External link to PDF file: [2])

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Chapter 13 bankruptcy filing is a way for individuals in the United States to undergo a financial reorganization supervised by a federal bankruptcy court. The Bankruptcy Code anticipates the goal of Chapter 13 as enabling income-receiving debtors a debtor rehabilitation provided they fulfill a court-approved plan. Compare the goal of Chapter 13 with the relief contemplated in Chapter 7 that offers immediate, complete relief of many oppressive debt(s).

Choosing Chapter 13

An individual who is badly in debt can file for bankruptcy either under Chapter 7 ( liquidation, or straight bankruptcy), under Chapter 13 (reorganization) or Chapter 11, Title 11, United States Code.

Debtors may also be forced into bankruptcy by creditors in the case of an involuntary bankruptcy, but only under Chapters 7 or 11. However, in most instances the debtor may choose under which chapter to file.

The debtor’s financial characteristics and the type of relief sought plays a tremendous role in the choice of chapters. In some cases the debtor simply cannot file under Chapter 13, as he or she lacks the disposable income necessary to fund a viable Chapter 13 plan (see below). Furthermore, Section 109(e) of Title 11, United States Code sets forth debt limits for individuals to be eligable to file under Chapter 13 the debt limits for filing Chapter 13 of unsecured debts of less than $336,900.00 and secured debts of less than $1,010,650.00. These debt limits are subject to annual cost of living increases and represent values updated through April 1, 2007.

Under Chapter 13, the debtor proposes a plan to pay his creditors over a 3 to 5 year period. During this period, his creditors cannot attempt to collect on the individual’s previously incurred debt except through the bankruptcy court. In general, the individual gets to keep his property, and his creditors end up with less money than they are owed.

Disadvantages of Chapter 13

The disadvantage of filing for personal bankruptcy is that a record of this stays on the individual’s credit report for 10 years. During the pendency of a Chapter 13 case the debtor is not permitted to obtain additional credit without the permission of the bankruptcy court. Moreover, creditors may not be willing to risk lending money to such an individual. However, this disadvantage is not unique to Chapter 13; it may also apply to individuals currently in a Chapter 11 case or those who are in or have recently been in a Chapter 7 case.

Advantages of Chapter 13

The advantages of Chapter 13 over Chapter 7 include: the ability to stop foreclosures and to have a mortgage that has been accelerated declared reinstated upon bankruptcy plan completion; to achieve a super discharge of debts of kinds not dischargeable under Chapter 7; to value collateral; to bifurcate the security interest of creditors in certain property that creditors are either charging too much interest for, or are over-secured, or both, and in some cases; to prevent collection activities against non-filing co-signers (co-debtors) during the life of the case.

The Chapter 13 Plan

A Chapter 13 plan is a document filed with or shortly after a debtor’s Chapter 13 bankruptcy petition.

The plan details the treatment of debts, liens, and the secured status of assets and liabilities owned or owed by the debtor in regard to his bankruptcy petition. In order for plans to take effect, it must meet a number of requirements. These are specified in § 1325 and include:

• providing that unsecured creditors will receive at least as much through the chapter 13 plan as they would in a chapter 7 liquidation
• either not be objected to, repay all creditors in full, or commit all of the debtor’s disposable income to the Chapter 13 plan for at least three years (or five years for a debtor who makes an above median income)

Statistics

2003 Statistics

Bankruptcy filings by individuals:

• Chapter 7 filings: 1,156,284
• Chapter 11 filings: 959
• Chapter 13 filings: 468,562

Bankruptcy filings by businesses:

• Chapter 7 filings: 21,008
• Chapter 11 filings: 9,185
• Chapter 12 filings: 698
• Chapter 13 filings: 5,201

The total number of bankruptcies rose 7.4 percent over the previous twelve months. These totals were for the 12-month period ending September 30, 2003.

Source: November 14 2003 News Release, Administrative Office of the U.S. Courts. (External link to PDF file: [1])

2004 Statistics

TOTAL bankruptcies:

• Chapter 7 filings: 1,153,865
• Chapter 11 filings: 10,368
• Chapter 12 filings: 238
• Chapter 13 filings: 454,412

Bankruptcy cases filed in federal courts fell 2.6 percent in fiscal year 2004 according to the
Administrative Office of the U.S. Courts. During the 12-month period ending September 30, 2004, 1,618,987 bankruptcies were filed, down from the 1,661,996 bankruptcy cases filed in fiscal year 2003.

Source: November 14 2003 News Release, Administrative Office of the U.S. Courts. (External link to PDF file: [2])

See also

• Chapter 7
• Chapter 11
• Chapter 12

External Links

• Graphical view of the procedure under the Bankruptcy Code post BAPCPA

• National Association of Consumer Bankruptcy Attorneys

References

• Bankruptcy Resources & Chapter 7 & 13 Lawyers at Total Bankruptcy Bankruptcy attorneys and lawyers representing clients nationwide.
• bankruptcy and insolvency act
• InterNet Bankruptcy Library - Worldwide Troubled Company Resources InterNet Bankruptcy Library is your daily source of bankruptcy news and worldwide troubled company resources.
• Corporate Bankruptcy What happens when a public company files for protection under the federal bankruptcy laws? Who protects the interests of investors?
• What is Bankruptcy Bankruptcy is a legal proceeding in which people who cannot pay their bills can get a fresh financial start. The right to file for bankruptcy is provided by
• Bankruptcy FAQ Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy
• Bankruptcy & the Official Assignee's Office Bankruptcy is a process by which the property of an individual who is unable or unwilling to pay his/her debts (a "debtor") is transferred to a trustee to
• Bankruptcy - Wikipedia, the free encyclopedia Notice of closure stuck on the door of a computer store the day after its parent company, Granville Technology Group Ltd, declared "bankruptcy" (strictly,
• Debt and money problems? contact Bankruptcy Advisory Service At the Bankruptcy Advisory Service, we provide advice on all aspects of debt and Bankruptcy including IVA's and Debt Management Plans.
• U.S. Bankruptcy Court - District of Colorado Provides general information, access to rules and opinions, and employment information.
• What happens when you become bankrupt? : Directgov - Money, tax What to do when being threatened with bankruptcy from creditors or considering bankruptcy as a way out of debt.
• Bankruptcy - What is Bankruptcy? free debt advice and credit counselling. solve your debt problems. the uk insolvency helpline will get you out of debt. a free debt advisory service.
• United States Bankruptcy Court - Northern District of Texas the united states bankrupcty court for the northern district of texas administers bankruptcy proceedings in dallas, abilene, amarillo, fort worth, lubbock,
• Homepage for the US Bankruptcy Court, Eastern District of Kentucky Public Web Site Providing Access to Bankrupcty Court Information.
• Corporate Counsel Center - Bankruptcy FindLaw Corporate Counsel Center - Bankruptcy and Restructuring Legal Resources for Corporate Counsel, Corporate Lawyers, In-House Counsel, In-House Lawyers

The United States Census of 1800 was the second Census conducted in the United States. It was conducted on August 4,1800

The 1800 Census included the new city of the District of Columbia.
The census for the following states were destroyed: Georgia, Kentucky, New Jersey, Tennessee, and Virginia.
The 1800 census contains the following information.
Columns - left to right
1. Name of the head of family
2. # of free white males under age 10
3. # of free white males age 10-16
4. # of free white males age 16-26
5. # of free white males age 26-45
6. # of free white males over age 45
7. # of free white females under age 10
8. # of free white females age 10-16
9. # of free white females age 16-26
10. # of free white females age 26-45
11. # of free white females over age 45
12. # of all other free persons
13. # of slaves

This census is one of the three for which the original data is no longer available. Almost all the population schedules were damaged in a fire in 1921 and later destroyed by bureaucratic error.

External links

• Historic US Census data
• 1800 Census: 1800 United States Census for Genealogy & Family History Research

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For bankrupcty in Scotland see Sequestration

There is no single law on bankruptcy in the United Kingdom with there being one system for England and Wales, one for Northern Ireland and one for Scotland.

Bankruptcy Law

There are two main personal insolvency regimes in the UK: one for England and Wales and another for Scotland. In England and Wales the majority of personal insolvencies are “bankruptcies”. The remainder are Individual Voluntary Arrangements or IVAs, which are arrangements between the debtor and his or her creditors for the payment of the debts on different terms: for example by instalments, or over a period of time. These two forms of insolvency have close equivalents in Scotland, where bankruptcies are known as sequestrations and the equivalent of IVAs are Protected Trust Deeds, or PTDs.

In bankruptcy, an indebted individual sees his debts forgiven in return for surrendering his assets (and sometimes a limited proportion of his income). He is allowed however to retain so-called “exempt” assets such as tools-of-trade and basic necessities and the generosity of this exemption level has received much attention in the USA where it varies among states, potentially affecting bankruptcy filing rates.

Bankruptcy is handled by a Trustee in bankruptcy who must be either the Official Receiver (a civil servant) or a licensed insolvency practitioner.

Following the introduction of the Enterprise Act 2002’s bankruptcy provisions in April 2004, an England & Wales bankruptcy will now normally last no longer than 12 months and may be less, if the Official Receiver files in Court a certificate that his investigations are complete. However, in cases where the bankrupt is considered particularly culpable for his or her insolvency, the bankruptcy can last for up to 15 years, although such orders are rare.

Why are bankruptcies soaring?

Some claim that the Enterprise Act threatens massively to increase the number of bankruptcy cases. Indeed, bankruptcies have risen considerably since the change. However they were already on an upward trend, and the rise is mirrored in Scotland, where there has been no legislation change.

A popular alternative explanation for the run-up in UK insolvencies is “destigmatisation” - people, it is said, are becoming less ashamed of going bankrupt. This is hard to prove, but some evidence is provided by figures showing that, increasingly, bankruptcy petitions are filed by debtors themselves, rather than their creditors.

The UK average household debt-to-income ratio has risen substantially in recent years, leading some to attribute the rise in insolvencies to excessive borrowing. However, the ratio of debt repayment costs to income has remained quite low, weakening this claim. Moreover, the rise in borrowing could itself be a reflection of a lower “fear” of bankruptcy - the destigmatisation effect again.

Insolvency figures

• (p) are provisional figures
• Sources: http://www.dtistats.net/sd/insolv200505/table2.htm http://www.dtistats.net/sd/insolv200602/table2.htm

External links

• British household indebtedness and financial stress: a household-level picture [PDF] Quarterly Bulletin, Personal Sector Articles, Winter 2004 (Report for Bank of England)
• Website of the Insolvency Service in the UK
• National Debtline Bankruptcy information document

• District of Oregon Newsletters from Clerk · Opinions · Unclaimed Funds, United States Bankruptcy Court District of Oregon. Welcome! Today is Saturday, 11/03/2007.
• National Association of Bankruptcy Trustees A Chapter 7 Trustee is committed to excellence in the administration of bankruptcy cases and to carry out all duties with the utmost integrity, diligence,
• Bankruptcy FAQ Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy
• Sioux City Journal: Bankruptcy POSTED October 28th, 2007.

The Superintendent of the United States Air Force Academy is the senior officer at the Academy. The position is normally held by an active duty Air Force lieutenant general, and is roughly equivalent to the president of a university. Because the Academy is a Direct Reporting Unit, the Superintendent reports directly to the Air Force Chief of Staff.

Superintendents of the U.S. Air Force Academy

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The United States Bankruptcy Court is a federal court that has subject matter jurisdiction over bankruptcy cases. Bankruptcy cases cannot be filed in state court. Each of the 94 federal judicial districts handles bankruptcy matters.

The bankruptcy judges in each judicial district in regular active service constitute a “unit” of the applicable United States district court (see ). The bankruptcy judge is appointed for a term of 14 years by the United States court of appeals for the circuit in which the applicable district is located (see ).

Technically, the United States district courts have subject matter jurisdiction over bankruptcy matters (see ). However, each such district court may, by order, “refer” bankruptcy matters to the bankruptcy court (see ). As a practical matter, most district courts have a standing “reference” order to that effect, so that all bankruptcy cases in that district are handled, at least initially, by the bankruptcy court. In unusual circumstances, a district court may in a particular case “withdraw the reference” (i.e., take the case or a particular proceeding within the case away from the bankruptcy court and decide the matter itself) under .

The overwhelming majority of all proceedings in bankruptcy are held before a United States bankruptcy judge, whose decision in all matters is final, subject to appeals to the district judge or a Bankruptcy Appellate Panel (”BAP”) for review of the decision.

External links

• Official site of the U.S. bankruptcy courts

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Chapter 12 refers to Chapter 12 of Title 11 of the United States Code, a chapter of the Bankruptcy Code. This chapter of the Bankruptcy Code is available only to family farmers and fishermen in certain situations. It is similar to Chapter 13 in some ways, but in other ways benefits farmers and fishermen in ways other than that which is available to ordinary U.S. wage earners.

As recently as mid-2004, Chapter 12 was scheduled to expire, but in late 2004 it was renewed and made permanent.

Criticism exists due to the fact that Chapter 12’s relatively advantageous provisions are only available to a limited number of filers.

2003 Statistics

Bankruptcy filings by individuals:

• Chapter 7 filings: 1,156,284
• Chapter 11 filings: 959
• Chapter 13 filings: 468,562

Bankruptcy filings by businesses:

• Chapter 7 filings: 21,008
• Chapter 11 filings: 9,185
• Chapter 12 filings: 698
• Chapter 13 filings: 5,201

The total number of bankruptcies rose 7.4 percent over the previous twelve months. These totals were for the 12-month period ending September 30, 2003.

Source: November 14 2003 News Release, Administrative Office of the U.S. Courts. (External link to PDF file: [1])

2004 Statistics

TOTAL bankruptcies:

• Chapter 7 filings: 1,153,865
• Chapter 11 filings: 10,368
• Chapter 12 filings: 238
• Chapter 13 filings: 454,412

Bankruptcy cases filed in federal courts fell 2.6 percent in fiscal year 2004 according to the
Administrative Office of the U.S. Courts. During the 12-month period ending September 30, 2004, 1,618,987 bankruptcies were filed, down from the 1,661,996 bankruptcy cases filed in fiscal year 2003.

Source: November 14 2003 News Release, Administrative Office of the U.S. Courts. (External link to PDF file: [2])

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• Bankruptcy Information Bankruptcy is not the ideal situation but is sometimes necesary. Know your rights and don't try to do it alone, understand your bankruptcy options and
• United States Bankruptcy Court - Eastern District of Michigan :: MIEB United States Bankruptcy Court - Eastern District of Michigan.
• Debt and money problems? contact Bankruptcy Advisory Service At the Bankruptcy Advisory Service, we provide advice on all aspects of debt and Bankruptcy including IVA's and Debt Management Plans.
• District of Utah Administrative information about the court, local rules and opinions, recent filings, and chambers information.
• Homepage for the US Bankruptcy Court, Eastern District of Kentucky Public Web Site Providing Access to Bankrupcty Court Information.
• United States Banrkuptcy Court Eastern District of Tennessee Welcome to the Bankruptcy Court for the Eastern District of Tennessee. The judges and staff of the District are dedicated to serving East Tennessee.
• U.S. Bankruptcy Court-Nevada General information about court administration, rules, and procedures.
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• Avoid Bankruptcy If you are wondering if you will ever get out of debt, you must ask yourself the difficult question,

For bankrupcty in Scotland see Sequestration

There is no single law on bankruptcy in the United Kingdom with there being one system for England and Wales, one for Northern Ireland and one for Scotland.

Bankruptcy Law

There are two main personal insolvency regimes in the UK: one for England and Wales and another for Scotland. In England and Wales the majority of personal insolvencies are “bankruptcies”. The remainder are Individual Voluntary Arrangements or IVAs, which are arrangements between the debtor and his or her creditors for the payment of the debts on different terms: for example by instalments, or over a period of time. These two forms of insolvency have close equivalents in Scotland, where bankruptcies are known as sequestrations and the equivalent of IVAs are Protected Trust Deeds, or PTDs.

In bankruptcy, an indebted individual sees his debts forgiven in return for surrendering his assets (and sometimes a limited proportion of his income). He is allowed however to retain so-called “exempt” assets such as tools-of-trade and basic necessities and the generosity of this exemption level has received much attention in the USA where it varies among states, potentially affecting bankruptcy filing rates.

Bankruptcy is handled by a Trustee in bankruptcy who must be either the Official Receiver (a civil servant) or a licensed insolvency practitioner.

Following the introduction of the Enterprise Act 2002’s bankruptcy provisions in April 2004, an England & Wales bankruptcy will now normally last no longer than 12 months and may be less, if the Official Receiver files in Court a certificate that his investigations are complete. However, in cases where the bankrupt is considered particularly culpable for his or her insolvency, the bankruptcy can last for up to 15 years, although such orders are rare.

Why are bankruptcies soaring?

Some claim that the Enterprise Act threatens massively to increase the number of bankruptcy cases. Indeed, bankruptcies have risen considerably since the change. However they were already on an upward trend, and the rise is mirrored in Scotland, where there has been no legislation change.

A popular alternative explanation for the run-up in UK insolvencies is “destigmatisation” - people, it is said, are becoming less ashamed of going bankrupt. This is hard to prove, but some evidence is provided by figures showing that, increasingly, bankruptcy petitions are filed by debtors themselves, rather than their creditors.

The UK average household debt-to-income ratio has risen substantially in recent years, leading some to attribute the rise in insolvencies to excessive borrowing. However, the ratio of debt repayment costs to income has remained quite low, weakening this claim. Moreover, the rise in borrowing could itself be a reflection of a lower “fear” of bankruptcy - the destigmatisation effect again.

Insolvency figures

• (p) are provisional figures
• Sources: http://www.dtistats.net/sd/insolv200505/table2.htm http://www.dtistats.net/sd/insolv200602/table2.htm

External links

• British household indebtedness and financial stress: a household-level picture [PDF] Quarterly Bulletin, Personal Sector Articles, Winter 2004 (Report for Bank of England)
• Website of the Insolvency Service in the UK
• National Debtline Bankruptcy information document

• Foley & Lardner LLP - Our Services - Insolvency/Guaranty - INS Foley attorneys have counseled claimants of various types in insurance company insolvency matters as well as advising insurers.
• Hammonds ~ Insolvency Advice Our recent successes in cross-border administration applications pursuant to the EC Regulation on Insolvency Proceedings demonstrate the strong links
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• Thomas Eggar | Insolvency Practitioners Our Insolvency and Recovery team has extensive experience acting for Insolvency Practitioners in personal insolvencies. Areas of advice
• Bankruptcy - Home At the Office of the Superintendent of Bankruptcy, our mandate is simple: to ensure that bankruptcies and insolvencies in Canada are conducted in a fair and
• Thomas Charles and Co, Specialists in Debt Help and Advice - Home Page Thomas Charles & Co Ltd provides discreet advice and solutions for personal debt and insolvency problems. Our aim is to help you find the best solution to
• Welcome The Accountant is responsible for administering the process of personal bankruptcy (sequestration) and recording corporate insolvencies in Scotland. Our aim
• Comments (0)

The United States Bankruptcy Court is a federal court that has subject matter jurisdiction over bankruptcy cases. Bankruptcy cases cannot be filed in state court. Each of the 94 federal judicial districts handles bankruptcy matters.

The bankruptcy judges in each judicial district in regular active service constitute a “unit” of the applicable United States district court (see ). The bankruptcy judge is appointed for a term of 14 years by the United States court of appeals for the circuit in which the applicable district is located (see ).

Technically, the United States district courts have subject matter jurisdiction over bankruptcy matters (see ). However, each such district court may, by order, “refer” bankruptcy matters to the bankruptcy court (see ). As a practical matter, most district courts have a standing “reference” order to that effect, so that all bankruptcy cases in that district are handled, at least initially, by the bankruptcy court. In unusual circumstances, a district court may in a particular case “withdraw the reference” (i.e., take the case or a particular proceeding within the case away from the bankruptcy court and decide the matter itself) under .

The overwhelming majority of all proceedings in bankruptcy are held before a United States bankruptcy judge, whose decision in all matters is final, subject to appeals to the district judge or a Bankruptcy Appellate Panel (”BAP”) for review of the decision.

External links

• Official site of the U.S. bankruptcy courts

• Bankruptcy Attorney, Lawyer, Attorneys, Lawyers and Legal Research Bankruptcy attorney, lawyer, and legal research information. Find resources and locate an attorney specializing in Bankruptcy.
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• District of Utah Administrative information about the court, local rules and opinions, recent filings, and chambers information.
• Bankruptcy - Bankruptcy Statistics Monthly statistics on Canadian bankruptcies, receiverships and proposals.
• Corporate Bankruptcy What happens when a public company files for protection under the federal bankruptcy laws? Who protects the interests of investors?
• IPTO - Individual Insolvency - What Is Bankruptcy Bankruptcy is a process where the debtor is publicly recognised to be insolvent. The Court usually appoints the Official Assignee to administer the
• U.S. Bankruptcy Court - District of Colorado Provides general information, access to rules and opinions, and employment information.
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• Debt and money problems? contact Bankruptcy Advisory Service At the Bankruptcy Advisory Service, we provide advice on all aspects of debt and Bankruptcy including IVA's and Debt Management Plans.
• Bankruptcy - Home The site provides information on bankruptcies and insolvencies in Canada.
• United States Bankruptcy Court - Northern District of Texas the united states bankrupcty court for the northern district of texas administers bankruptcy proceedings in dallas, abilene, amarillo, fort worth, lubbock,
• Bankruptcy - Resource Center Decide whether Chapter 7 or Chapter 13 bankruptcy is for you, and keep your home and car whi