Page 11 - GIADA-Feb2017-Final021617

FINANCE
Ron E. Widener & Associates, Inc.
An Insurance Agency We are the
6887 Oak Ridge Commerce Way, Austell, Ga 30168 GIADA
We are located next door to the GIADA office. PREFERRED Annual Bankruptcy Filings Dip for 7th

We know the car business. Just ask our clients! PROVIDER
for new
770-941-0293 or 800-793-5177 dealer startups! Straight Year
W: ronwidener.com E: ron@ronwidener.com
BY BHPH REPORT STAFF
A potential source of buy-here, pay-here crease from the 29,920 filings for 2015. The 2,911 total commercial filings repre-
customers — the annual figure of consum- There were 5,438 commercial Chapter 11 sented a 9-percent increase from the 2,674
ers filing for bankruptcy — dropped for the filings during 2016, a 2-percent increase total commercial filings during the same
seventh year in a row. But that well of vehi- over the 5,313 commercial Chapter 11 cas- period in 2015.
cle buyers who potentially have little choice es filed the previous year. Conversely, the 333 commercial Chapter 11
but to use a BHPH dealer could improve filings in December were 17 percent lower
in 2017. “While commercial filings increased last than the 399 filings in December 2015.
year, total filings fell for a seventh consec-
The American Bankruptcy Institute shared utive year and bankruptcies decreased to Average total filings per day in December
data provided by Epiq Systems that indi- their lowest number recorded since 2006,” stood at 2,685, a 10-percent increase from
cated total bankruptcy filings decreased ABI executive director Samuel Gerdano the 2,447 total daily filings last December.
slightly for the calendar year coming in at said. The average nationwide per capita bank-
771,894 cases nationwide. That figure is 6 ruptcy filing rate for 2016 decreased to
percent less than the 819,431 total filings “As the Fed raises rates in 2017 and the cost 2.48 (total filings per 1,000 per population)
during 2015. of borrowing increases, more debt-bur- from the 2.63 rate during 2015.
dened consumers and businesses may seek
ABI mentioned the 733,897 total noncom- the financial shelter of bankruptcy,” Gerda- States with the highest per capita filing rate
mercial filings during 2016 also represent- no said. (total filings per 1,000 population) through
ed a 7-percent drop from the noncommer- 2016 were:
cial filing total of 789,332 recorded 2015. The 56,394 total bankruptcy filings for the 1. Tennessee (5.57)
Dealers Should Get it Right However, officials pointed out that total month of December represented a 5-per- 2. Alabama (5.48)
cent increase compared to the 53,844 filings
3. Georgia (4.75)
4. Utah (4.09)
in December of 2015. The 53,483 total non-
commercial filings during 2016 came in
THE FIRST TIME! at 37,771, representing a 26-percent in- commercial filings for December also 5. Illinois (4.08)
represented a 5-percent increase
from the December 2015
provider of managed technology for the
noncommercial fil- ABI has partnered with Epiq Systems, a
ing total of global legal profession, in order to provide
New dealer start-ups are our specialty. 51,170. the most current bankruptcy filing data for
analysts, researchers and members of the
news media. n

Garage liability. Dealer’s open lot. License bonds. Car rental insurance & more.

Need to make more money? Why not rent your vehicles that are just sitting there? Turn them into rental
income dollars!
• We will train you on location
When you start-up your car dealership,
• We provide support / solve problems you could make costly mistakes! Our ACR
• Software available / Low cost association staff can assist you the right way!
• Member Association / Not a franchise
• Training manuals / Forms

Associated car rental systems. Call me today!
Ron Widener (770) 948-1731

Only a 5 vehicle minimum required.