Bankruptcy filings jump 36.5%
1.4 million consumers expected to file this year
By Inman News, Monday, July 6, 2009.Consumer bankruptcy filings rose 36.5 percent in the first half of 2009 compared to the same period a year ago, to 675,351, the American Bankruptcy Institute said.
Filings fell 6.8 percent from May to June, to 116,365, ABI said, citing data from the National Bankruptcy Research Center.
ABI projects that a continuing rise in unemployment, foreclosures rates and health care costs will lead to more than 1.4 million consumer bankruptcy filings in 2009, up from 1.1 million in 2008 and 801,840 in 2007.
Chapter 13 filings -- available to individuals with regular income whose debts don't exceed specific amounts to pay unsecured creditors in whole or in part -- constituted 27.7 percent of all consumer cases in June.
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Submitted by Robert A. Hulme on July 6, 2009 - 4:42am.
Bankruptcy filings will continue to rise for some time to come. Until we are able to assist in job growth, Bankruptcy filings will flourish.
www.utahcountyforeclosures.us
www.alpinehomesforsale.us
Submitted by Glenn Ginsburg on July 6, 2009 - 12:56pm.
Agreeing with Robert's statement - but are some of these bankruptcies due to notes being signed in some short sale transactions?
Or how about those real estate investors receiving 1009C's with capital gains due to short sales - increase income tax liability?
Glenn Ginsburg
A Delta Realty
Naples Real Estate