OnlineBKmanager.com Receives DrivingSales Dealer Satisfaction Award
www.OnlineBKmanager.com presented with 'Top Rated' award for Dealer Satisfaction in New Car Leads Category
New Orleans, LA – January 27, 2017 – ww.OnlineBKmanager.com is the recipient of a "Top Rated" New Car Leads award in the eighth annual DrivingSales Dealer Satisfaction Awards. The awards, presented at a special event on January 27th in conjunction with the 2017 National Automobile Dealers Association (NADA) Convention & Expo, are based on DrivingSales Vendor Ratings, which comprise 35,000 validated user reviews.
"We are honored to be recognition by our dealer clients and DrivingSales with this prestigious award," said Robert Davies, OnlineBKmanager.com President. "Our objective at OnlineBKmanager.com has always been to earn the trust of automotive dealers by providing superior results with an industry leading product while supplying unrivaled customer support."
OnlineBKmanager.com is the nationwide industries leader in Automotive Bankruptcy leads. With direct access to the hottest BK leads available, OnlineBKmanager.com dealers have the ability to market to people who filed and/or discharged their BK within the past 24 hours. Yesterday's BKs Today!
"We congratulate OnlineBKmanager.com on earning a "Top Rated" New Car Leads Award for consistently contributing value to its dealership customers throughout 2016," said DrivingSales CEO and Founder, Jared Hamilton. "DrivingSales Vendor Ratings help dealers make important, informed vendor decisions by providing peer reviews on solutions, leading them to outstanding service providers such as OnlineBKmanager.com."
The DrivingSales Dealer Satisfaction Awards are based on cumulative ratings tallied and verified over the calendar year (January – December) at DrivingSales.com Vendor Ratings. DrivingSales.com Vendor Ratings is the industry's only neutral, comprehensive vendor rating forum featuring real-time peer reviews and honest competitor comparisons. The site provides dealerships with important information from actual customers who have hands-on experience using vendor products/solutions in their stores. Each rating is verified as coming from an actual dealership employee.
Full award results are available online at http://dealersatisfactionawards.com/. Award winners are showcased in the Q1 2017 issue of DrivingSales Buyers Guide which, in addition to being distributed at the 2017 NADA Convention and Expo, is delivered to every new car dealership nationwide, as well as to more than 2,000 of the top used car dealers in the U.S. The DrivingSales Buyers Guide represents over 1,000 automotive solutions and over 35,000 dealer reviews of those products from DrivingSales Vendor Ratings, identifying the solutions that have risen to the top.
To increase your market share in the Bankruptcy Arena visit http://www.onlinebkmanager.com/ or contact Bryan Allen, OnlineBKmanager.com Vice President of Marketing. 888-739-1468 (firstname.lastname@example.org)
To learn more about the DrivingSales community, news, dealer education or performance analytics visit DrivingSales.com.
www.OnlineBKmanager.com Announces Significant Improvements to its Web-Based BK Lead Software
Phoenix, AZ - February 1, 2015 – www.OnlineBKmanager.com, the leader in Automotive Bankruptcy Marketing, announces the release of significant improvements to its web-based marketing software. After 18 months of development and programming, OnlineBKmanager.com now has the ability to deliver BK Leads to Franchised Dealers on a daily basis. Upgrades also include improvements to the company's exclusive multi-step lead cleansing process. "We are proud to announce the release of our Daily BK Lead Program appropriately named 'Yesterday's BKs Today' ", said Robert Davies (OnlineBKmanager.com President). "If an individual filed or discharged a BK yesterday, our dealers can be marketing to them today. This new technology is a game changer for Auto Dealers that play in the competitive BK market", said Davies.
"Old and inaccurate leads can kill even the best thought out BK marketing campaign", added Davies. "The number one priority at OnlineBKmanager.com is to provide the freshest and cleanest BK Leads in the industry. The success of our dealers depends on it. Our exclusive multi-step cleansing process is now faster and more robust than ever before. No other BK Lead provider can compete with the speed and accuracy we provide", concluded Davies.
Early testing has shown an increase in response rates and overall higher gross profits. "My dealership is in a very competitive market," added Ron (Sales Manager with a Big 3 Franchise Dealer in Texas). "Since we started receiving Daily BK Leads, we are getting higher response from our BK mailers and we have higher gross profits as a result. The BK leads we get today are the people that filed or discharged yesterday," explained Ron. "Being the first offer they receive from a dealer in the mailbox makes all the difference."
Lending experts believe these advancements will influence the Automotive Sub-Prime Market. "We have worked closely with OnlineBKmanager.com for the past few years and our dealer partners definitely experience success with their service," said John Harton (Sr. VP with Consumer Portfolio Services - NASDAQ: CPSS). "With the capability of marketing to BK leads less than 24 hours after filing or discharging, our Dealer Partners will undoubtedly increase their market share into what we call the "Sweet Spot" of the sub-prime auto finance arena. Competition is increasing", explained Harton. "We anticipate these improvements will give CPS and our Dealer Partners a leg up on capturing more of these deals."
Contact OnlineBKmanager.com Customer Service at 888-739-1468 to upgrade an existing account or learn more about these improvements.
www.OnlineBKmanager.com Partners with Consumer Portfolio Services, Inc. to the Bankruptcy Market to Automobile Dealers in the US
Chandler, AZ / Irvine, CA – April 15, 2013 – www.OnlineBKmanager.com and Consumer Portfolio Services, Inc. (Nasdaq: CPSS) are pleased to announce their combined efforts in expanding the Bankruptcy Market to Automobile Dealers throughout the United States. This collaboration is designed to provide dealers with the cleanest and freshest BK leads available while strengthening their relationship with Consumer Portfolio Services (CPS). Dealers also receive substantial package discounts on www.OnlineBKmanager.com services with this program.
For nearly 18 years, www.OnlineBKmanager.com has been the leader in Bankruptcy Marketing and developed the first BK selling tool designed specifically for the sub-prime automotive dealer. Their Lender Partner Program is intended to pair dealers with lenders that focus on Bankruptcy Consumers; thus increasing dealer gross profit. Today, the www.OnlineBKmanager.com flagship product is supported by the industry's only MONEY BACK GUARANTEE.
Since 1991 CPS has been a constant and profitable sub-prime solution for franchise and independent dealers. Their seven proven programs offer a generous advance and cover a wide spectrum of credit including thin files, low FICO's, recent Chapter 7 bankruptcies, recent repos and other weak credit attributes. CPS has purchased over $9.7 billion in contracts and manages a total portfolio of approximately $900 million. They maintain dealer relationships in 45 states with 575 employees across the United States. CPS is based in Irvine, CA and currently service dealers in 46 states with plans to expand into NY, VT and RI soon. CPS does not service dealers in MT.
"CPS has very ambitious growth goals for 2013-2014," explained John Harton (Consumer Portfolio Services' VP of Marketing). "Pairing up with the successful BK lead provider, www.OnlineBKmanager.com, will help our dealers maximize their advertising dollars in a way that results in a target-rich environment for CPS.
It has always been our objective to help our dealer partners increase their sales. We feel this collaboration is a natural fit. CPS is very excited to be offering what we call the "BK Combo" (CPS + www.OnlineBKmanager.com) and look forward to the added value that this combination will bring to our dealers," concluded Mr. Harton.
Tim Tucker with a Ford Dealer in Cincinnati, OH manages a successful sub- prime department with this program. "Our department receives additional sales and gross profit with the BK Combo program", explained Mr. Tucker. "We capture the sales through our www.OnlineBKmanager.com system, and then quickly fund the deals with CPS. The BK buyer gets a quality vehicle and works with a lender that reports to the major credit bureaus. It's a win-win," concluded Mr. Tucker.
www.OnlineBKmanager.com President, Robert Davies, sees this partnership as an opportunity to assist dealers on a national level and meet growth objectives for 2013. "We currently provide our BK marketing program to dealers in all 50 states. This new relationship with CPS will allow us to add national coverage to our Lender Partner Program and help reach our growth expectations for this fiscal year," said Davies. "The Auto Dealer works directly with CPS and www.OnlineBKmanager.com reps to customize a program to fit their needs in order to maximize dealer gross profit," concluded Davies.
The CPS + www.OnlineBKmanager.com "BK Combo" program is available now to qualified dealers. Please contact your CPS Representative at 800-304-6812 or Christine Follett, Vice President with www.OnlineBKmanager.com at 888-739- 1468 for more details.
www.OnlineBKmanager.com Teams Up with AFS Acceptance to Expand its Lender Partner Program into New Markets
Chandler, AZ — January 20, 2012 — www.OnlineBKmanager.com is pleased to announce a partnership with AFS Acceptance intended to expand its Lender Partner Program. This program is designed to provide automobile dealers with Bankruptcy Leads and a relationship with a BK focused finance company. As part of this ongoing initiative, AFS Acceptance active dealers receive a package discount on www.OnlineBKmanger.com services.
For over 16 years, www.OnlineBKmanager.com has been the leader in Bankruptcy Marketing and developed the first BK selling tool designed specifically for the sub-prime automotive dealer. Today their flagship product is supported by the industry’s only MONEY BACK GUARANTEE.
AFS Acceptance is an established, full-service auto finance company serving franchise and independent car dealers’ subprime financing needs since 1996. The company’s tiered program, specializing in open BK’s, equity deals and everything in between, gives dealer partners a complete set of pricing options. With dedicated account managers providing responsive guidance and support, AFS helps its Dealer Partners fund contracts quickly and sell more automobiles.
www.OnlineBKmanager.com President, Robert Davies, sees this collaboration as an opportunity to expand a successful program into new markets. “We have great relationships with lenders throughout the country. I am thrilled about this addition to our Lender Partner Program. AFS Acceptance offers excellent finance options in markets previously untapped by our program,” said Davies. “AFS Acceptance shares our enthusiasm for serving dealers in the BK market with exceptional service,” concluded Davies.
“We have recently revamped our program to give our dealers another option for their Bankruptcy customers and we will work hard to give them a way to go.” With a strong emphasis on customer service and a new program, I am confident we can gain market share and help our dealers improve their bottom line. We are truly excited about 2012,” says Executive Vice President, Scot Seagrave.
Based in Fort Lauderdale, AFS acceptance services the following states: AL, AZ, CA, CO, FL, GA, ID, IL, LA, MD, MI, MN, MS, NJ, NM, NC, OH, PA, SC, TN, UT, VA and WA.
The “OnlineBKmanager.com/AFS Acceptance” BK marketing program is available now to qualified dealers. Please call Christine Follett with www.OnlineBKmanager.com at 888-739-1468 or AFS Acceptance (www.afsacceptance.com) at 877-223-3254 for more details.
Prestige Financial Services and www.OnlineBKmanager.com Partner-Up to Assist Sub-Prime Focused Dealers
Salt Lake City, UT —February 1, 2011—Prestige Financial Services and www.OnlineBKmanager.com announce a partnership intended to increase automobile dealer’s ability to efficiently deliver vehicles and supply financing for bankruptcy customers. Through this alliance, Prestige Financial Services’ Dealers Partners can receive a unique package discount on www.OnlineBKmanger.com services.
For nearly 15 years, www.OnlineBKmanager.com has been the leader in Bankruptcy Marketing and developed the first BK selling tool designed specifically for the sub-prime automotive dealer. Today their flagship product is supported by the industry’s only MONEY BACK GUARANTEE.
Prestige Financial Services, Inc. is a premier provider of consumer financing solutions for franchised automobile dealerships. An affiliate of The Larry H. Miller Group of Companies and headquartered in the Rocky Mountains of Utah, Prestige employs best-in-class professionals to service a wide range of borrower types, and is recognized throughout the industry for its innovative lending programs. Since 1994, Prestige Financial Services has been helping dealerships around the country to rewrite the definition of “success" in special finance, by offering:
- Discharged, Open 7, Open 13 and double bankruptcy funding
- Competitive near-prime through deep sub-prime financing
- No minimum score and no minimum down requirements
- Generous advances and low fees
- Live buyers for make-sense approvals
- Automatic rate drops for good customers
www.OnlineBKmanager.com President, Robert Davies sees this joint venture as a winning situation for all parties. “Ultimately, through this partnership, the bankruptcy customer is the winner by having the opportunity to work with a quality dealership and first-class lender that reports to all credit bureaus,” said Davies. “We work hard to offer our industry leading programs and Prestige Financial shares our passion for serving the BK market,” concluded Davies.
Prestige is currently funding loans through franchised dealerships in WA, OR, ID, WY, UT, CO, AZ, NM, TX, MO, IL, KY, GA, VA, MD, and HI and will soon be pursuing new dealer partners in NH, NY, NJ, AL, KS, WI, and MT.
"We're always open to opportunities that will help our dealers to better serve these deserving customers," notes Prestige Chief Operating Officer Bryant Henrie. "This initiative with www.OnlineBKmanager.com aligns with our objectives and we're looking forward to much shared success."
The “Prestige/OnlineBKmanager.com” BK marketing program is available now to qualified dealers. Please call Lori Morrill with Prestige Financial Services at 801-844-2402 or Christine Follett with www.OnlineBKmanager.com at 888-739-1468 for details.
Friendly Finance Corporation and OnlineBKmanager.com
Team Up to Launch Joint Marketing Efforts
Baltimore MD, September 17, 2010—Friendly Finance Corporation and www.OnlineBKmanager.com announce a partnership bringing Sub-Prime Lending and Marketing together like never before. The first program developed through this partnership is a NO CHARGE Marketing Campaign for dealers that register with Friendly Finance Corporation to provide lending for their bankruptcy customers.
For over 14 years, www.OnlineBKmanager.com has been the leader in Bankruptcy Marketing with the first advertising tool designed specifically for the sub-prime automotive dealer. Today their flagship product is supported by the industry’s only MONEY BACK GUARANTEE.
For over 60 years, Friendly Finance Corporation has been a leader in the subprime auto finance arena, serving the marginal credit needs of both franchise and independent automobile dealers. They are currently purchasing retail installment sales contracts from dealers in Delaware, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Michigan, Nebraska, Ohio, Tennessee, and Virginia.
Friendly Finance Corporation President, Steve Pittler and www.OnlineBKmanager.com President, Robert Davies unveiled the collaboration this week after discussion confirmed the obvious opportunity and benefit a program like this would provide a sub-prime dealer. “This Marketing Campaign is a partnership between two staple brands within automotive sub-prime,” said Davies. “We share a passion for creating meaningful consumer product experiences through design and innovation. With this joint marketing program, the dealer will have a lender dedicated to working with the individuals responding.”
Friendly Finance Corporation differs from most other subprime lenders in that they focus on OPEN BANKRUPTCY customers. They specialize in customers BEFORE they have been discharged from a Chapter 7 or Chapter 13 bankruptcy. They even consider customers who have filed bankruptcy multiple times. “Our expertise and knowledge in this area is unsurpassed and proven over the past several decades in this business. We give our dealers the ability to get their customers on the road before their competitors even get the opportunity to seek financing,” said Pittler.
“This new partnership with www.OnlineBKmanager.com will allow our dealers to further target the BK segment that separates us from other lenders,” explained Pittler. “With our dealers actively pursuing these buyers, we anticipate their look-to-book and profits to exceed industry standards.”
The NO COST program is available now to qualified franchise and independent dealers. Please call Kathy Denisuk with Friendly Finance Corporation at 800-872-2877 Ext. 236 or Christine Follett with www.OnlineBKmanager.com at 888-739-1468 for details.
Bankruptcy Status Report
January 6, 2009, Phoenix, AZ – According to the American Bankruptcy Institute, personal bankruptcies increased in quantity throughout 2008. “Consumers are under great financial stress, with no immediate end in sight,” said ABI executive director Samuel Gerdano. “We expect the upward spike in personal bankruptcies to continue in 2009.”
The Administrative Office of the United States Courts confirmed the number of bankruptcies rose by 32% to 1.06 million in 2008. In 2007, 801,840 American consumers filed for bankruptcy.
“We have been monitoring the steady growth of personal BK cases,” said Robert Davies, President of www.OnlineBKmanager.com. “The good news is our dealer clients are working with lenders like Tidewater, CapOne, AmeriCredit, Wachovia and many others to offer quality sub-prime loans to these individuals.”
In today’s volatile economy, sub-prime lenders see the advantage in lending to those consumers who have a fresh bankruptcy and can not file again for many years. “We have been booking fresh BK deals since the year 2000, and historically they are by far our best-performing loans,” explained Dedra Muffley of Tidewater Motor Credit. “We are looking to do away with the non-bankruptcy paper or customers who look like they are on their way down. We want the customers that have their problems behind them.”
“Currently, chapter 7 bankruptcies represent over 75% of all cases being filed with the courts,” said Davies. “This fact contradicts previous thoughts that the 2005 law change would force more people into filing a chapter 13 over a chapter 7.”
As of January 6, 2009, there are nearly 1 million open bankruptcies being processed for discharge by the United States bankruptcy courts. “In 2009 bankruptcy marketing will continue to prove its value to automotive retailers throughout the United States,” concluded Davies.
Bankruptcies Awaiting Discharge by State
|Dist of Columbia
Total = 955,501
OnlineBKmanager.com upgrades web application in time for increased Filed and Discharged Bankruptcies
PHOENIX, Arizona –December 1, 2008—OnlineBKmanager.com announces a major overhaul of its web-based marketing system. “Due to the current sub-prime automotive lending environment, BK marketing is more valuable than ever”, said Robert Davies, President of www.OnlineBKmanager.com. “We have hundreds of dealers logging on to our BK system on a daily basis and with the fresh BK being the most sought after loans by the sub-prime lenders these days, we took this as an opportunity to add new features and processing capabilities. With the advent of these new features we are clearly maintaining our status as the industry leader.”
More than 100,000 people filed and more than 65,000 people discharged a bankruptcy in October 2008. This proved to be the busiest month for the bankruptcy court system since the Bankruptcy Abuse Prevention and Consumer Protection Act went into effect more than three years ago. “We have been booking fresh BK deals since the year 2000, and historically they are by far our best-performing loans,” explained Dedra Muffley of Tidewater Motor Credit. “We are looking to do away with the non-bankruptcy paper or customers who look like they are on their way down. We want the customers that have their problems behind them. You are seeing the larger subprime lenders, the AmeriCredit’s and CapOne’s, becoming our competition with these fresh discharges.”
The OnlineBKmanager.com overhaul included new user features as well as performance and capacity increases. “Our application service provider (ASP), www.hyper-systems.com , upgraded our database software and hardware to take advantage of the new features and optimizations that up until now were not available,” said Robert, “The application upgrades were done without any service interruptions and have increased the application performance tenfold. The overall application platform is completely scalable, meaning that as our customer base grows and the quantity of BKs increase we will be able to respond without performance loss.”
Good News from Subprime Lenders!
By Robert Davies
Subprime Finance Companies Focus on BKs, Relationships and “Old-School” Basics to Remain Profitable.
Bankruptcies are at a three-year high, jobless claims are at a 14-year high, and both are increasing. So, what are the subprime finance companies doing to remain profitable? What can you do to guarantee the survival of these needed financing sources? And where do you stand with your finance companies?
More than 100,000 people filed and more than 65,000 people discharged a bankruptcy in October 2008. This proved to be the busiest month for the bankruptcy court system since the Bankruptcy Abuse Prevention and Consumer Protection Act went into effect more than three years ago. What exactly does this mean for you and your finance companies? Great news! I recently caught up with Dedra Muffley of Tidewater Motor Credit to get her view. “We have been booking fresh BK deals since the year 2000, and historically they are by far our best-performing loans,” she explained. “We are looking to do away with the non-bankruptcy paper or customers who look like they are on their way down. We want the customers that have their problems behind them. You are seeing the larger subprime lenders, the AmeriCredits and CapOnes, becoming our competition with these fresh discharges.”
I also asked Ms. Muffley what Tidewater Motor Credit is doing to remain profitable besides buying the historically high-performing fresh BK deals. “We are looking at all of our expenses including look-to-book ratios. Those dealers who have been longtime loyal dealers really want to help us. They definitely want to see that we are here for them over the next 12 months and beyond,” she said. “Some of our dealers have even gone off automated platforms where it costs the lender per-application and have gone ‘old school’ by faxing in credit applications and deal structure,” concluded Ms. Muffley.
How can dealers help guarantee the survival of finance sources? According to a top-level executive with a large national auto dealer group, the three-word answer is simple: “Relationship, Relationship, Relationship! We know our subprime lenders are going back to the basics by buying fresh BKs or higher credit score deals with solid down payments,” he explained. “So that is what we are sending them.”
Reid Anderson, special finance director of a Dodge Chrysler Jeep dealership, agreed. “My partner-style bank relationships are critical to our success. By working with our customers one-on-one, I get their entire story and can relay those findings on to the lender … We have found this helps our individual lender portfolios perform better.”
Ron Odom, general manager of a high-volume Chrysler GMC franchise, takes this approach. “We try to maintain relationships with the underwriters. We do not want to waste their time and money by shot-gunning or sending applications that clearly do not meet their underwriting guidelines,” he said. “I believe ‘approval-to-book’ ratios are important and I usually go with the lender that made the best first call.” I also asked Mr. Odom about his current business. “I agree with Ms. Muffley,” he added. “Right now, we see a lot of applicants that are a BK waiting to happen and are tougher to get bought. My lenders are more aggressively buying and funding the fresh BK loans, and I can see why. They cannot file for bankruptcy again for quite some time, and their debt-to-income ratios are in good shape,” concluded Mr. Odom.
Finally, the million-dollar question—where do you stand with your finance sources? If you honestly do not know the answer, now is time to find out. Call your finance sources or ask them to stop in. Find out how your portfolio is performing, and ask how you could improve it. Also, keep an eye on your look-to-book and approval-to-book ratios with each source. The fastest way to get cut off by a finance company is by having them review applications that do not meet their guidelines or only sending them a very small percentage of the deals they approve.
The professionals I spoke with stressed the importance of the dealer-finance company relationship and the value of the fresh BK customer. With finance sources preferring “old-school” methods in today’s environment, your relationship will naturally improve. However, you must take the extra steps to strengthen your footing with your finance partners. Those of you with the best partner-style relationships will prosper, while dealers with poor look-to-book ratios and limited interaction with their finance sources will struggle in the months to come.
Robert Davies is the President of OBK, Inc. and www.OnlineBKmanager.com, the industry leaders in subprime marketing since 1997. Robert may be contacted at 800.942.3603 or rdavies@OnlineBKmanager.com.
Direct Marketing Associates, Corp. Announces Money Back Guarantee on the www.OnlineBKmanager.com Marketing System!
PHOENIX, AZ - Direct Marketing Associates, Corp. announced Monday that it is now offering a money back guarantee on its www.OnlineBKmanager.com marketing system. Upon celebrating its 13th anniversary, the company unveiled the industry's first Return on Investment (ROI) Guarantee to answer the tough market conditions Franchise Dealers are currently being faced with.
"Dealer Principals are keeping a watchful eye on expenses and demanding ROI on every advertising dollar spent, so we elected to offer a guarantee with our OnlineBKmanager.com product," said Robert Davies, President of Direct Marketing Associates, Corp. "It is no secret that automotive sales are down, but the core sub-prime lenders are still offering fresh BK options that fit perfectly with this program."
The www.OnlineBKmanager.com system was developed by Direct Marketing Associates, Corp. in 2003. This private and secure web-based BK management tool is designed to provide the Sub-Prime Retail Professional with accurate and industry leading FRESH data for marketing.
"Due to our client's success, our confidence level is extremely high with this product," added Mr. Davies. "We want to eliminate any advertising risk, and give support to Dealers that are struggling and tired of being taken advantage of by fly-by-night ad companies".
Bankruptcy Status Report
4th Quarter 2007
January 16, 2008 - Phoenix, AZ – The 4th quarter of 2007 continued
the steady up trend in the bankruptcy markets. Chapter 7 filings
amplified and represented 72% of all personal cases being handled by the
United States Bankruptcy courts. Personal Bankruptcies increased
41% over the 4th quarter of 2006 with 326,749 households either filling
“There’s obviously an impact from the down turn in the housing
market, subprime-loan problems and the increase in foreclosures,” said
Chris Bayley, a partner focusing on bankruptcies at the Phoenix law firm
Snell & Wilmer. The 2007 increase “presages even higher
filings this year, as the heavy consumer-debt load is made worse by the
home-mortgage crisis,” predicted Samuel Gerdano, executive director
of the American Bankruptcy Institute.
As of January 16th, there are a total of 875,899 open bankruptcies
that are being processed for discharged by the United States
Bankruptcy courts. What does all of this mean to the Automotive Special Finance
Professional? “Its simple,” said Robert Davies, President
of www.OnlineBKmanager.com. “37%
of bankrupt individuals purchase an automobile within 30 days of discharge
and a grand total of 70% purchase within a year of that discharge. This
suggests a substantial increase in sales for dealerships marketing to the
discharged BK market in 2008,” concluded Davies.
Bankruptcies Awaiting Discharge by State
Total = 875,899
Bankruptcy Status Report
3rd Quarter 2007
October 23, 2007, Phoenix, AZ – The third quarter of 2007 was very active for bankruptcies according to the American Bankruptcy Institute. "Families facing heavy household debts are increasingly turning to bankruptcy as a short-term fix." observed ABI’s Executive Director Samuel J. Gerdano.
The Administrative Office of the United States Courts confirmed a 41% increase over third quarter 2006, with 340,882 bankruptcies either discharged or filed during third quarter 2007.
"We have been monitoring a steady growth of chapter 7 cases over the past few months and the numbers do not lie," said Robert Davies, President of OnlineBKmanager.com. "With the melt-down in the housing market and the anticipated increase in foreclosures, all indication is that the BK courts will continue this upward trend for the foreseeable future."
"Chapter 7 bankruptcies represent over 72% of all cases being handled by the courts" concluded Davies. "This fact contradicts previous thoughts that the new laws would force more people into filing a chapter 13 over a chapter 7."
U.S. BANKRUPTCIES ON THE RISE
Phoenix, Arizona – February 15, 2007 – According to the Administrative Office of the U.S. Courts, personal bankruptcies filed between January 1st and February 9th 2007 increased 212% compared to the same time frame in 2006. So far this year 60,010 households have filed for bankruptcy protection in the U.S. Of these, 37,206 households filed for chapter 7 and 23,803 filed for chapter 13. Furthermore, January discharges were up 23% over the previous 9 months, at 45,779. “These increases are quite a surprise,” said Robert Davies, President of Direct Marketing Associates, Corp. and www.OnlineBKmanager.com, “We did project a jump after the smoke of the new laws cleared, but we did not imagine 212% over last year. However, we did foresee discharges reaching pre-legislation quantities sometime in 2008; but, at this pace we may see this scenario quicker than anticipated.”
In addition, the U.S. courts are reporting higher than normal chapter 7 conversions. This is when an individual files for chapter 13 then, with the courts approval, converts their bankruptcy into a chapter 7. “I am not sure why the conversion rates are so high,” explained Robert, “I can only speculate that the courts are showing leniency towards the new federal guidelines.”