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Old 01-31-2017, 04:14 PM
 
322 posts, read 320,454 times
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IAC Declares Chapter 7 Bankruptcy

http://independentadoptioncenter.org...%20Release.pdf

It is my understanding that over 600 couples are out over $20,000 on average and have no possibility of getting any of their adoption fees back.
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Old 02-02-2017, 01:14 AM
 
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That's awful. Those poor couples not only do they no longer have a chance to adopt but they lose their money too!
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Old 02-05-2017, 10:13 AM
 
Location: NJ
23,902 posts, read 33,692,683 times
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Quote:
Originally Posted by xy340 View Post
IAC Declares Chapter 7 Bankruptcy

http://independentadoptioncenter.org...%20Release.pdf

It is my understanding that over 600 couples are out over $20,000 on average and have no possibility of getting any of their adoption fees back.
How horrible for all of the families affected.
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Old 02-19-2017, 08:32 AM
 
322 posts, read 320,454 times
Reputation: 443
A couple of updates from Federal Bankruptcy court:

- over four thousand couples have been listed as creditors. No breakdown as to waiting couples, couples in post-adoption, couples in other status.

Untitled Document

- less than 60 adoptions finalized in 2016

- total industry wide unrelated, non-relative infant adoption per IAC were less than 6000 for 2016.*

- records are missing from several offices. It is unknown if creditors are holding records for payment or if state regulators have seized all adoption records.

* I've been unable to confirm this statistic, but this number would not surprise me.
And it supports IAC's narrative: "Societal changes have created an environment in the United States where there are fewer potential birth parents than at any other point in IAC’s history. Simultaneously, due to changing demographics and the closure of international adoption programs, there are more hopeful adoptive parents seeking to adopt domestically than in any other time in recent history."

It is also rumored that international adoption will dip below 5000 for 2016. Official data for 2016 will not be released before September 2017.
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