Harrisburg, the Pennsylvania capital, may try within weeks to impose losses on creditors to solve a fiscal crisis that threatens its solvency and has landed it in state receivership. Such a move might prompt other distressed U.S. municipalities to pursue similar remedies.
A U.S. Senator from Delaware, home to courts that specialize in business cases, took over the panel overseeing the bankruptcy system, making it harder for critics to weaken the state’s influence on corporate reorganizations.
Bankruptcy filings by U.S. consumers totaled 132,173 last month, 1.4 percent more than in September, keeping Americans on track to file 1.6 million bankruptcies this year, the American Bankruptcy Institute said.
U.S. commercial bankruptcies fell 22 percent in the first nine months of 2012 compared with the same period a year ago, continuing a trend that began as early as January, the American Bankruptcy Institute reported.
U.S. consumer bankruptcy filings rose 9 percent last year compared with 2009, reaching 1.53 million, according to the American Bankruptcy Institute, which projected 2010 bankruptcies totaling 1.6 million.