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New High in BK filings in 2010 is possible

April 6, 2010 by · Leave a Comment 

WOW  I just read an article about the number of BK filings.  http://www.inman.com/news/2010/04/6/bankruptcies-could-exceed-15m-this-year Turns out that in March of 2010 there were almost 150K filings-which represents an increase of 34%.  There is a site call the National Bankruptcy Research Center which will give you a lot of data http://www.nbkrc.com/ In my opinion, many of the filings are due to an extended job loss situation as well as consumers facing a huge tax liability or deficiency judgement on a home loan that may either be a short sale or foreclosure.  Every homeowner should consult an attorney and tax person in their respective state and understand the ramifications of all decisions they are making with regard to their distressed real estate.  The good news is that eventually many of these people will be financially healthy again and be able to prosper within our system.

 



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Bankruptcy