The big jump in bankruptcy filings this year and what it means for credit union lending and legal trends will be the key topic at the Pennsylvania Credit Union Association's credit union attorneys conference Sept. 23-24 in Harrisburg.
Statistics from the American Bankruptcy Institute reveal a 14% increase in U.S. filings for the first half of this year compared to a year ago. The total number of filings was 810,209 as of June 30 versus 711,550 for the same period a year ago, with Pennsylvania filings representing about 20,000 of the total, according to the PCUA.
"Bankruptcy filings are impacting member credit unions," said Rick Wargo, PCUA's general counsel. "That's why our attorneys conference will take a deep dive into bankruptcy issues." Topics will include reporting practices during bankruptcy hearings, automatic stays, collateral valuation and timing of return of collateral.
Wargo said the conference will be held at the Harrisburg Hilton and is being tailored to provide the latest information on bankruptcy practices in Pennsylvania and across the U.S.