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*Media Advisory* The Rise of Personal Bankruptcy


WHAT: "The Rise of Personal Bankruptcy," sponsored by the Community Affairs Division of the Federal Reserve Bank of St. Louis.

WHEN: Tuesday, Oct. 24, 7:30 a.m. to 9:30 a.m. (A buffet breakfast is included.)

WHERE: Hilton St. Louis at the Ballpark, One South Broadway, Lindbergh Room, Downtown St. Louis

WHO: Thomas A. Garrett, research officer and economist, Federal Reserve Bank of St. Louis

Judge Barry S. Schermer, U.S. Bankruptcy Appellate Panel, Eighth Circuit

WHY: In the past 30 years, the rate of bankruptcies in the United States has risen nearly 350 percent, and many of those filing live in states served by the St. Louis Fed. The most common cause is an unexpected shock to their incomes such as job loss, medical bills or divorce. Tom Garrett will present his findings on the role of other factors, such as availability of credit, bankruptcy laws and decreased consumer savings. He will also include filing statistics in counties in the Federal Reserve's Eighth District.

Judge Schermer will speak on the goals and effectiveness of bankruptcy legislation passed in 2005, and analyze those who are filing for bankruptcy.

There is no fee to attend, but registration is required: (314) 444-8761.

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