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Credit Union Member Bankruptcy Filings Double, Percent Net Charge-Offs Due To Bankruptcy Creep Up

Bankruptcy professionals seem to be getting their arms around the new bankruptcy law requirements as bankruptcy filings increase among credit unions.

By Sarah Snell Cooke | Updated on June 19, 2007

WASHINGTON — Bankruptcy professionals seem to be getting their arms around the new bankruptcy law requirements as bankruptcy filings increase among credit unions.

Credit union member bankruptcy filings more than doubled from 32,613 in the fourth quarter of 2006, the highest level for that year, soaring up to 70,200 filings by credit union members for the first quarter of 2007, according to CUNA’s analysis of NCUA figures. Bankruptcy filings by credit union members skyrocketed to 115,642 in the fourth quarter of 2005 as the Bankruptcy Abuse Prevention and Consumer Protection Act became effective in October; filings plummeted to 31,811 the next quarter.

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