New Bankruptcies Hit 1-Year High in March

first_img in Daily Dose, Featured, Government, Market Studies, News Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post March experienced the highest monthly increase in new bankruptcy filings across all chapters— 43,425 of them— in 12 months, according to a press release from Epiq, a tech-enabled provider of intel to the legal services industry and corporations, which this week released its March 2021 bankruptcy filing statistics from its AACER bankruptcy information services business. Representatives from Equip say the increase is driven by 41,150 new non-commercial consumer filings, a 41% monthly increase as well as the largest individual month of new filing activity since the onset of the pandemic in March 2020.Chris Kruse, SVP of Epiq AACER said bankruptcy filings in March saw large increases over February due to promising developments related to the coronavirus.”The vaccination roll-out and corresponding economic recovery are gaining momentum that will accelerate the return to pre-pandemic new bankruptcy filings levels,” Kruse said. “We approach the second quarter of 2021 cautiously anticipating the bankruptcy backlog that emerged during the pandemic may be peaking.”There were 106,958 total new bankruptcy filings across all chapters for the first quarter of 2021, down from 177,245 in the same period in 2020. The two largest increases in March were in non-commercial consumer filings with 30,802 new Chapter 7 cases and 10,265 new Chapter 13 cases, increases of 9,939 and 1,945 over February 2021, respectively. Commercial Chapter 11 filings were down 9% over February with 384 new filings in March.A study following the Great Recession found that higher numbers of bankruptcies could slow the foreclosure process for struggling homeowners, “modestly.””Filing for bankruptcy adds a little more than a year to a normal foreclosure process,” according to the study.The study went on to reveal how lenders also are affected by borrowers in bankruptcy.”Although foreclosure sale price, in nominal terms, exceeds a filer’s own estimates at filing, about 65 percent of lenders still lost money, and the average loss amounted to 28% of what was owed to the mortgage lender.”Of course, today’s foreclosures process is initially halted by COVID-19 related forbearance programs.Recent reports show the number of new forbearances declining, but many remain in extensions.After last month’s report, Kruse said he and his colleagues continue to expect new filings will “grow substantially in the second half of 2021, notwithstanding any likely short-term stimulus.”Epiq’s AACER bankruptcy information services platform is built with advanced data, technology to create insight and mitigate risk for businesses impacted by bankruptcies.The company offers complimentary bankruptcy statistics and monthly email updates for both commercial and non-commercial (consumer) bankruptcy filings for Chapter 7, Chapter 11, and Chapter 13 cases.Registration for these free resources is available on its Bankruptcy Statistics and Trends page. Demand Propels Home Prices Upward 2 days ago Share Save 2021-04-06 Christina Hughes Babb Subscribe Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Home / Daily Dose / New Bankruptcies Hit 1-Year High in March Data Provider Black Knight to Acquire Top of Mind 2 days ago April 6, 2021 1,180 Views New Bankruptcies Hit 1-Year High in March Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Previous: Housing Market Competition Heats Up Next: Pandemic Forces Shifts in Migration Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Christina Hughes Babblast_img read more

New York Extends Workforce Policy Regulations Through Mid-April

first_imgMGN ImageALBANY – New York State has extended its nonessential workforce policy regulations through mid-April.Governor Andrew Cuomo says the “New York On Pause” policy will now run through April 15. This is the policy keeping 100% of the nonessential workforce home.The governor made the announcement during Sunday’s COVID-19 update.He says the trajectory of cases continues to climb with 7,195 new positive cases. New York state continues to be the most impacted state in the United States with a total of 59,513 cases.Looking at trend lines, the hospitalization rate was doubling every 2 days but that rate has slowed to every 6 days even though positive case numbers continue to go up.New York State’s plan to combat COVID-19 is one of unity. Governor Cuomo is urging hospitals, both public and private, to work together with a coordination system.With a “rolling apex” and current projections, New York City will reach its apex first, then either Westchester or Long Island, followed by Upstate New York.With the coordination system between healthcare systems, Upstate New York hospitals would be able to lend help when New York City hospitals need it, and vice versa. “This is going to be all hands on deck,” said Governor Cuomo.The New York State Health Department is working to create a faster, easier way to test. The Wadsworth Center has developed a less-intrusive saliva and short nasal swab test that can be administered by healthcare workers that will be available as soon as next week.The USNC Comfort, a military hospital ship, will be arriving in New York City on Monday. The ship offers a 1,000 hospital beds that will be used for a backlog of patients who are not being treated for COVID-19.Governor Cuomo said the state is still working to stockpile personal protection equipment. An overwhelming 76,000 healthcare workers have volunteered their help to hospitals during their time of need.President Trump and the CDC issued a travel advisory on Saturday, March 28 for New York, New Jersey, and Connecticut. Governor Cuomo clarified that this is not a lockdown. This is exactly what the state has been telling everyone: stay at home.Rhode Island repealed an executive order to stop people with New York license plates at the border to put them in mandatory quarantine.While these are trying times, Governor Cuomo took the time to remind people to find the joy in this situation. “We are strong, we have endurance and we have stability,” said Governor Cuomo. “Any obstacle that we come across we will manage that obstacle.” He cited two New York expressions: Excelsior and E Pluribus Unum, meaning always improving together.” Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)last_img read more