Definition of bankruptcy

According to the Bankruptcy Petition filing statistics, consumers filing for bankruptcy in 2017 reported total assets of $80 billion and total debt of $105 billion, according to an annual report filed by the Judiciary with Congress. The report, required by Congress under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.  Some notable highlights in the report are: 1.       Sixty-two percent of assets were real property, and the remaining assets were personal property. 2.       Debtors in the Northern District of California and in the Southern District of Florida reported the highest average assets per petition, at $583,000 and $338,000, respectively. Filers in the Western District of Tennessee reported the lowest average assets, $44,000. 3.       The median average income reported by debtors was $2,741 a month, and the median average monthly expenses were $2,645. 4.   ...

If a furnisher makes “an accommodation with respect to 1 or more payments on a credit obligation or account of a consumer,” and the consumer “makes the payments or is not required to make 1 or more payments pursuant to the accommodation,” then the furnisher “shall report the credit obligation or account as current.” 15 U.S.C. §1681s-2(a)(1)(F)(ii). If the credit obligation or account was delinquent before the accommodation, the furnisher must “maintain the delinquent status during the period in which the accommodation is in effect; and, if the consumer brings the credit obligation or account current during the period described,” the furnisher must report the credit obligation or account as current. Id. Excepted from these new requirements is a “credit obligation or account of a consumer that has been charged-off.” 15 U.S.C. §1681s-2(a)(1)(F)(iii). The “covered period” began retroactively on January 31, 2020, and lasts until the later of either 120 days after March 27, 2020, the date of...