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Friday, September 5th, 2008

State Bankruptcy Filing Rates

Last year (June 30, 2007-June 30, 2008) bankruptcy filings increased significantly in many states. Some of the states with rising bankruptcy filing rates over the 12-month period include:

This data was provided by a recently released report by the Administrative Office of the U.S. Courts.

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Thursday, September 4th, 2008

55+ Americans More Likely to File Bankruptcy Than Younger Generations

The older the age group, the higher the bankruptcy filing rate is, according to new analysis from the Consumer Bankruptcy Project, which examined bankruptcy filings between 1991 and 2007.

Those under 55 saw double-digit percentage drops in their filing rates, but people 65-75 years old were more than twice as likely to file bankruptcy and those 75 and older were more than three times as likely to file.

In 1991, those 55 and older accounted for 8 percent of bankruptcy filers, but by 2007, the number jumped to 22 percent.

The filing rate per thousand people aged 55-64 was up 40 percent; 65-74 year olds’ filing rate was up 125 percent; and the 75-84 group increased their filing rate a whopping 433 percent.

Higher prices on food, home supplies and other basic items have certainly contributed to this unfortunate filing bankruptcy trend.

Aged people are also more susceptible to incur expensive medical bills. Another contributing factor is that people are retiring with more debt and still have mortgage payments to make on their fixed incomes.

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Tuesday, September 2nd, 2008

Unpaid Parking Ticket Results in Foreclosure

It all started in 2004 with a $50 parking ticket—and it ended at foreclosure.

For years, the City of Milwaukee attempted to collect payment on the ticket to no avail. After more than $2,500 in fines, a tax lien ensued and the city foreclosed on a 62-year-old man’s home.

This story is a harsh reminder that seemingly minor financial offenses, such as not paying an old parking ticket, can result in serious consequences.

Read more about this foreclosure story at Total Bankruptcy.

Psst..... did you know that Chapter 13 bankruptcy can stop some foreclosures?

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Posted in Mortgage Foreclosure | No Comments »

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