BANKRUPTCY UPDATES

• Minnesota Distillery of Fine Vodkas Files Chapter 7 Bankruptcy (February 10, 2012)
• Court Approves Newspaper Magnate Lee Enterprises’ Bankruptcy Plan (February 07, 2012)
• Suspected Felon Filed for Bankruptcy Shortly Before Untimely Death (February 09, 2012)
• Ireland Overhauls Bankruptcy Laws (February 06, 2012)
• IL State Representative Files for Chapter 13 Bankruptcy (February 08, 2012)

Economic Woes Continue to Flood Americans

The famed Tommy Bartlett Water Show lost its Lake Delton stage last week, the huge lake in Wisconsin Dells drained as a result of record rains and flooding.

And this week thousands of Americans were being forced from their homes as the mighty Mississippi River surged through its banks, breaching its levees and flooding hundreds of homes and communities.

While these natural disasters are literally flooding many families, thousands more continue to brace themselves as the flood of bad economic news continues.

Foreclosures, Mortgage Delinquencies Up Again

A new report from the Office of the Comptroller of the Currency finds that between October 2007 and March 2008, the number of loans in the foreclosure process grew steadily.

The Office has data on roughly 40% of all mortgages ($3.8 trillion in loans).

Loans delinquent more than 90 days grew from 188,000 to more than 226,000 during the time period. Those seriously delinquent (60 days or more, 30 days or more from bankruptcy borrowers) are primarily subprime loans.

Unfortunately most lenders may work with borrowers on repayment plans, but don't modify the rates.

And for the fifth straight quarter, mortgage loan delinquencies rose in the first quarter of 2008.

According to TransUnion.com, those 60 days or more past due rose 61.5 percent from the same period in 2007. The average borrower's mortgage debt rose from $191,370 to $191,917 in the prior quarter, more than 5% higher than 2007.

Medical Bills Swamping Many

Nearly 50 million Americans are uninsured, a national crisis that sees no resolution in the near future.

But another 25 million Americans have health insurance... but not enough.

The Commonwealth Fund reported this week that the number of underinsured adults has risen 60 percent from 2003 to 2007.

So, you may be fortunate enough to have insurance, but still be facing a mound of bills from high deductibles, co-pays and other expenses not covered-much less high premiums.

Underinsured individuals have out-of-pocket medical expenses that were 10 percent of their income, or 5 percent if low-income adults or those with deductibles that were more than 5 percent of their incomes.

According to Cathy Schoen, lead author and senior vice president at the Commonwealth Fund, "We're moving in a direction where you can be insured all year and still face medical bankruptcy."

Flooded With Bills? The Filing Bankruptcy Option.

Are you overwhelmed with bills? Afraid you can't pay the mortgage or those huge medical expenses? Perhaps a bankruptcy lawyer can help you through this difficult time.

Find out the options that could be available if you're worried about losing your home, losing your job or going even further into debt.

Many people do not know that filing Chapter 13 bankruptcy may be the way to help you save their homes from a possible foreclosure.

Chapter 13 bankruptcy may be feasible for those weighed down with bills and who have fallen behind on their mortgage payments.

Those struggling with medical bills, credit card debt or other unsecured debts, may want to speak to a local bankruptcy lawyer to learn more about filing Chapter 7 bankruptcy.

Take action today by talking with a sponsoring bankruptcy attorney:

Subscribe