CNN Money reports a significant increase in bankruptcies in February - the highest filed since the bankruptcy reform in 2005. Experts are predicting the number of bankruptcies will reach, and maybe even exceed, 1 million this year. The high number of filings is largely due to the housing slump and resulting credit crunch. Many homeowners find themselves completely tapped out after borrowing up to their capacity and emptying their savings.
See the full article at CNN Money: Personal bankruptcies highest since 2005
Bankruptcy will be the only way out for some consumers. Others can avoid having to file by recognizing warning signs early and taking action as soon as possible. If you foresee problems making your mortgage payments, contact your lender immediately to discuss alternate payment options. You may be able to reduce or suspend your payments for a period of time.
Debt Management Resources:
See the full article at CNN Money: Personal bankruptcies highest since 2005
Bankruptcy will be the only way out for some consumers. Others can avoid having to file by recognizing warning signs early and taking action as soon as possible. If you foresee problems making your mortgage payments, contact your lender immediately to discuss alternate payment options. You may be able to reduce or suspend your payments for a period of time.
Debt Management Resources:
- Basic Types of Bankruptcy
- Ways to Avoid Bankruptcy
- How to Avoid Foreclosure, About Home Buying / Selling
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