SHREVEPORT, La.-Bankruptcy filings are hitting record highs in northwest Louisiana, according to a report on As of Oct. 21, 5,458 residents of the 10-parish area, or 1%, had filed for bankruptcy protection. In just the first 16 days of October-the new bankruptcy law became effective Oct. 17-1,500 people filed, the article stated. This is around four times the normal month’s filings. The article quoted Shreveport Federal Credit Union CEO Helen Godfrey-Smith who said that despite the institution’s best efforts, the credit union has seen a 25% spike in member bankruptcy filings. Most of those are Chapter 13 filings, which means the credit union should recoup some of the funds. Godfrey-Smith warned that this would mean the credit union would have to tighten its lending policies for a while. “There will be reduced income to the business because our business is selling money, making loans,” she told “Ultimately, it could mean higher loan rates.” The story also said that this follows the nationwide trend of more than 200,000 new filings the week before the law went into effect. The American Bankruptcy Institute said the surge should “balance itself out” over the next couple of years.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.