Filings Tumble Following Bankruptcy Reform

In the first full year the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was in effect, bankruptcy filings fell 70% to 617,660, the lowest number since 1988.

Filings involving business debts totaled 19,695, down 50% from almost 40,000 in 2005, while non-business filings dropped 71%, from more than 2 million in 2005 to 597,965.

BAPCPA established a needs-based formula that determines whether debtors are eligible to file under Chapter 7 (where all unsecured debts are generally discharged) or should be converted to Chapter 13 (where at least a portion of debts are paid). The test resulted in a 78% decline in Chapter 7 filings.

Other consumer and commercial bankruptcy provisions of the act are available at the AICPA’s Personal Financial Planning Center at



Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.