Table of Contents

American Bankruptcy Institute (ABI): What It Is, How It Works

By

澳洲幸运5官方开奖结果体彩网:Julia Kagan

Updated February 27, 2024

Reviewed by

Khadija Khartit

Fact checked by Kirsten Rohrs Schmitt

Definition

The American Bankruptcy Institute is a nonpartisan organization devoted to insolvency. They offeꦚr research on bankruptcy from every angle and often testify before Congress on bankruptcy issues.

What Is the American Bankruptcy Institute?

The American Bankruptcy Institute (ABI) is a nonpartisan research association and o🦋rganization ✃that educates its members, congress, and the public on bankruptcy issues.

Founded in 1982 and based in Alexandria, Virginia, the ABI includes more than 12,000 attorneys, accountants, lenders, judges, bankers, and other bankruptcy professionals. The ABI also provides grants to scholars researching insolvency issues and offers online consumer education and events.

The ABI primarily provides education by analyzing proposed legislation, publishing books, maintaining an informational website, providing information to journalists, publishing its monthly ABI Journal and its American Bankruptcy Institute Law Review twice a year, and holding national and regional conferences that provide continuing education to bankruptcy professionals. The ABI does not lobby Congress.

Key Takeaways

The American Bankruptcy Institute (ABI) is a nonpartisan research association that educates its members, Congress, and the public on bankruptcy issues.
Founded in 1982, the ABI includes more than 12,000 attorneys, accountants, lenders, judges, bankers, and other bankruptcy professionals.
The ABI also provides grants to scholars researching insolvency issues, and it offers online consumer education and events.

Understanding the American Bankruptcy Institute

The American Bankruptcy Institute is normally called to testify before Congress, analyze proposed bills, and carry out occasional briefings for Congressional committees and legislative staff. Further, it acts as a publisher of educati🍷onal content for insolvency practitioners as well as dedicated individuals who want to research and educate themselves on matters of insolvency.

The ABI platform can be found at and is the most comprehensive site on the issues of insolvency. The digital ABI platform provides information on global insolvency and insolvency opinions, and it also maintains and upkeeps an insolvency-related blog, online educational sessions, and its published journal.

The ABI Platform for Consumers

The ABI also offers consumꦗer-specific information for those who are interested in gaining personal knowledge about bankruptcy and the alternatives to bankruptcy. The consumer arm of the American Bankruptcy Institute, found at , is a free service that was created to help the general public understand bankruptcy, how to file for bankruptcy, and where to find local professional help.

The American Bankruptcy Institute lists commonly asked questions and answers regarding the consumer bankruptcy process. It provides consumers with links to some of the best credit counseling services, and if a person is interested in getting an attorney's help, the ABI also lists all of the bankruptcy attorneys certified by the American Board of Certification.

Personal bankruptcies experienced a significant increase starting in 2005 as a result of the Bankrup💜tcy Abuse Prevention and Consumer Protection Act (BAPCPA) enacted by Congress in 2005. Personal filings at the time jumped by 30% versus the previous year to over 2 million. This act decreased the overall scope of relief and made it harder for consumers to qualify for 澳洲幸运5官方开奖结果体彩网:debt relief eligibility.

As a response, the ABI launched its initiative to help consumers overcome money problems, rebuild their credit, and reꦯcover before or after bankruptcy.

Important

While bankruptcy can help you get out of debt, the damage to your credit score can be severe, so it's best as a last resort. A debt relief company may be a better option. While this can take longer and will still hurt your credit, it won't be as detrimental to your score as bankruptcy would be.

How Is the American Banking Institute Funded?

The ABI is a 501(c)3 organization and is funded by donations. In addition to operating costs, they fund the Anthony H.N. Schnelling Endowment Fund, which supports research and scholarships.

Is the American Banking Institute a Lobbying Group?

No. Although theꦓ ABI does testify before Congress, they do so in a nonparꦑtisan capacity.

Does the American Bankruptcy Institute Offer Resources for Getting Out of Debt?

Yes. They offer consumer resources at . There, consumers will find informat🍬ion about debt repayment, how to find a cr💮edit counselor, and more.

The Bottom Line

The ABI is an organization focused on providing research and education for lawyers, judges, and consumers who are considering bankruptcy. If you're struggling with debt, they have resources for you to consider all your options.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

American Bankruptcy Institute. "."
American Bankruptcy Institute. "."
American Bankruptcy Institute. "."
American Bankruptcy Institute. "."
American Bankruptcy Institute. "."
American Bankruptcy Institute. "."
American Bankruptcy Institute. "."
American Bankruptcy Institute. "."
Bankruptcy Resources From the American Bankruptcy Institute. "."
Bankruptcy Resources From the American Bankruptcy Institute. "."
Congress.gov. "."
United States Courts. "," Page 1.
United States Courts. "," Page 1.
American Bankruptcy Institute. "," Page 10.

澳洲幸运5官方开奖结果体彩网