U.S. needs more bankruptcy judges: judicial group

[car67]

June 16, 2009

A judicial body is urging Congress to authorize new bankruptcy judgeships to cope with a surge in bankruptcy filings that has tracked weakness in the U.S. economy.

Barbara Lynn, chair of the bankruptcy committee of the Judicial Conference of the United States, recommended at a congressional hearing that Congress authorize 13 new permanent bankruptcy judgeships and make 22 temporary bankruptcy judgeships permanent.

The conference, which advises Congress on where to place judges, also called on Congress to extend the term of two temporary bankruptcy judgeships for five years.

"Without congressional action on the judicial resources recommended by the Conference, the bankruptcy courts could face record filings at the same time as a reduction in judicial resources to handle them," Lynn said in prepared testimony for the commercial and administrative law subcommittee of the U.S. House of Representatives.

Lynn said that filings have risen steadily, growing 38 percent from 2006 to 2007 and another 31 percent to 2008.

"In the 12-month period ending March 31, 2009, there were approximately 1.2 million bankruptcy petitions filed -- nearly double the number of petitions filed in 2006," Lynn said.

There are currently 324 bankruptcy judgeships, according to the Federal Judicial Center, an education and research center for the federal courts.

Source:
Reuters.com
(Reporting by Diane Bartz; Editing by Tim Dobbyn)

http://www.reuters.com/article/marketsNews/idUSTRE55F51U20090616?virtualBrandChannel=11569

[car67]

Looks like the bankruptcy courts are a little overwhlemed more judges needed

[kvangild]

I can understand their request. No jobs, no money, no savings, i'm barely hanging on by a thread. My guess is that you'll see a record number filing this year?

[car67]

"In the 12-month period ending March 31, 2009, there were approximately 1.2 million bankruptcy petitions filed -- nearly double the number of petitions filed in 2006," Lynn said. DOUBLE is alot and it seems the new law isnt slowing the filings and I dont care what the Suits say in DC We have not seen the worse and huge job losses are coming and so are foreclosures while at the same time increased taxes for all!

[Flamingo]

car67...you have been advised previously to review the posting rules for this forum. Your new post was again edited above...in the rules for this forum posted by the Site Admin., it states ...") Please cite the source (such as author, email, URL etc) at the bottom of your post. Only write date of the original article as the first line...."

The date was added to your posting and the source listed (Reuters.com). If we have to edit one more posting from you, you will be temporarily banned from posting. That is also stated in the forum rules.

Those posting on here take notice of this and read the forum rules for this particular forum which are right at the top of the threads in the forum. Continued nonconforming postings can and will result in a posting ban. These rules are set by the Forum Administrator.

[banca rotta]

I guess reuters did this story since it's a slow news day.

While bad, this isn't a record. We have averaged this many bankruptcies prior to the new laws and between the good economy and all the filings in 2005 that will explain why 2006 stats were pretty low.

It's when it hits 2 million I will panic. Hope it never does.

[car67]

Shoot I had format right but if you want to flex muscles then ban me if it makes you feel special!

[car67]

I am retiring from posting articles seems it causes some distress thanks

[Flamingo]

I am retiring from posting articles seems it causes some distress thanks

All you have to do is read the posting rules and view some recent initial news postings. Anyone who posts an initial news posting in this forum incorrectly will get edited or contacted to edit their posting. You are not the first one nor will you be the last. And you did not have the correct format as I mentioned in my posting. If you have problems as to the forum rules, you can always contact the forum owner/administrator who made them and the mods keep this forum in compliance.