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To: j g cordes who wrote (676)	12/6/1998 8:11:00 PM
From: Haim R. Branisteanu	Read Replies (2) \| Respond to of 99985

Bankruptcies Break Another Record During 12-Month Period Ending Sept. 30 abiworld.org November 23, 1998, Alexandria, Va.—The total number of bankruptcies filed during the year ending Sept. 30 totaled 1,436,964, up 5.1 percent from the same 12-month period in 1997, according to data released Monday by the Administrative Office of the U.S. Courts. Personal filings continue to drive the increase. Total personal bankruptcies, which accounted for 96.7 percent of all filings during the 12-month period, increased by 5.8 percent to 1,389,839. By contrast, business bankruptcies decreased by 15.1 percent to 47,125. "Continued high levels of consumer spending and debt have led to sustained high rates of bankruptcies," said Samuel J. Gerdano, executive director of the American Bankruptcy Institute (ABI). "That 1998 will set another record of personal bankruptcies ensures that Congress will continue to take a hard look at the Bankruptcy Code," he added. The rising number of personal bankruptcies has led many members of Congress to question the current language of the Bankruptcy Code. Bankruptcy reform legislation died during the last session of the 105th Congress, but is likely to be reconsidered this spring. A major issue of the legislation is whether some debtors who have the ability to repay a portion of their debts in chapter 13* (repayment of debts through future income) of the Code instead file chapter 7 (liquidation of assets to repay debts). In the 12-month period ending Sept. 30, a total of 996,905 petitions, or 71.7 percent, were filed under chapter 7 while 392,053 petitions, or 28.2 percent, were filed under chapter 13.