How are Bankruptcies and Foreclosures Correlated?

Matador Legal — Sat, 06 Jun 2009 07:41:32 +0000

Just before the credit crunch and after the changes in 2005 in the Bankruptcy laws, foreclosures had risen drastically. It was a precursor to the impending credit crunch and also an indication that foreclosures cannot rise ad infinitum, especially when Bankruptcy exists as its dampener.

So the foreclosures in 2009 are flat and around the 2008 levels, while bankruptcies are rising at a greater pace.

For the Vanderburgh County, foreclosures are down 6.5% in 2009. 679 cases of foreclosures have been scheduled as against 1,243 for the whole of 2008. At the same time, Bankruptcies are expected to go up by 20-30%.

Source:

http://www.courierpress.com/news/2009/jun/05/foreclosures-run-at-08-pace/

National convention discusses consumer bankruptcy and foreclosure

Matador Legal — Fri, 05 Jun 2009 07:26:20 +0000

The national association of consumer bankruptcy attorneys in a recent seminar at the end of May discussed many pertinent issues like bankruptcy and foreclosure statistics.

Last year, there were heated legislative debate about lifting the distinction between foreclosure and bankruptcy. The bill, which ultimately failed in the senate, would have empowered bankruptcy judges to force lenders to agree to mortgage cram downs as part of Chapter 13 reorganization plans.

Source:

http://www.pr.com/press-release/156194

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How are Bankruptcies and Foreclosures Correlated?

National convention discusses consumer bankruptcy and foreclosure