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Millions of people are currently in foreclosure or contemplating ceasing to pay their mortgage and will be in foreclosure soon. In some cases, the threat of foreclosure leads to bankruptcy filing. Here’s the good news: your mortgage lender doesn’t want your house. But the bad news is they will take it unless you are proactively working toward a solution. Mortgage lenders have become the single largest property owners in the world. If you are in foreclosure or contemplating not paying your mortgage, there are options and choices you may consider.
When a consumer is considering the option to file for bankruptcy to help with their financial crisis, they must carefully look at the long term effects of the bankruptcy. Some consumers file bankruptcy for all the wrong reasons. Today we’ll look at five good reasons to file for bankruptcy.
1. Insurmountable Medical Bills – When a person or family is faced with a medical emergency and is under or un-insured, the result is a pile of medical bills. It is not uncommon for one medical emergency to cost tens, or even hundreds, of thousands of dollars. If you are looking to file bankruptcy as a result of insurmountable medical bills, remember to try to fix the problem that put you in this predicament so that it isn’t repeated. Find health insurance that will adequately cover you, and your family, for any future medical emergencies.
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After a petition for bankruptcy has been filed, the trustee in the case will schedule an appointment where the consumer(s) must appear. According to part A of section 341 of the United States Bankruptcy Code, Meetings of creditors and equity security holders, “Within a reasonable time after the order for relief in a case under this title, the United States trustee shall convene and preside at a meeting of creditors.”
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One glance at a news website, or even to your local newspaper, and you will see that the nation is currently in the grips of a true housing crisis. Foreclosures are at an all time high and in some areas of the nations, bankruptcies are also setting records. Many consumers that are faced with foreclosure have two options to save their house: file bankruptcy and reaffirm on the mortgage or refinance to a better loan product.
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The staff at e-bk.com provides a wide range of information to consumers. Whether you’re looking for a bankruptcy lawyer in your state or information on the latest bankruptcy statistics, e-bk.com is the internet’s best source for bankruptcy information. Let’s take a tour of some of the more popular sections of the site.
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Although e-bk focuses primarily on personal bankruptcy news and information, from time-to-time the staff feels that it is important to highlight certain corporate bankruptcies as they could be seen as a sign of changing times. The last week of March and the first few weeks of April 2008 brought three bankruptcy announcements by airlines.
In March, Aloha Airlines announced its plans to file for bankruptcy and ceased operations effective March 31, 2008. Aloha Airlines had been serving the Hawaiian Islands for more than sixty years. A few days later, on April 2, 2008, Indiana-based ATA Airlines also announced that it had filed for bankruptcy. ATA Airlines did not offer any forewarning to passengers and immediately cancelled all flights. Many passengers were greeted by signs at airports announcing the bankruptcy and cancellations.
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For consumers that have made the decision to file bankruptcy, they can attest to the fact that there is, indeed, life after bankruptcy. For those that are contemplating a decision to file for bankruptcy, this is one of the questions that they ask themselves the most. The unknown, what happens after a bankruptcy case is discharged, can be scary. Rest assured, there is life after bankruptcy and in the majority of cases it is a much better life than what was experienced prior to the filing the bankruptcy petition.
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The United States Bankruptcy Court, District of Arizona, maintains bankruptcy statistics for all cases filed in Arizona. The state of Arizona is listed as one of the top five states being hardest hit by both the mortgage crunch as well as the soft housing market. Even though unemployment is lower than the national average, bankruptcy cases in Arizona have risen dramatically from 2006 until 2007.
In January 2006, there were 162 chapter 7 bankruptcies filed in the Phoenix court, 42 filed in the Tucson court and 8 filed in the Yuma court for a total of 212 chapter 7 bankruptcies. In January of 2007 these numbers saw a dramatic increase. The Phoenix court system processed 273 chapter 7 bankruptcies which represented a 68.5% increase. In Tucson, the number jumped to 106 cases in January of 2007 equaling a 152.3% increase of January 2006. In Yuma, the increase was even more staggering at 287% jumping from 8 to 31. When comparing January 2006 to January 2007, chapter 7 bankruptcies filed in Arizona increased 93.3%.
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Predatory lending practices by many mortgage companies have led to increased bankruptcy filings. As new mortgage programs were created to help serve those markets that were previously unable to secure a mortgage, predatory lending began to rise. According to the US Department of Housing and Urban Development, “Predatory mortgage lending practices strip borrowers of home equity and threaten families with foreclosure, destabilizing the very communities that are beginning to enjoy the fruits of our nation’s economic success.”
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Payday loans, also called cash advance loans, are considered by some in the finance industry to be the scourge of America. Getting involved with payday loans can put some consumers on the quick route to bankruptcy. Individuals who are facing a financial crunch are bombarded with advertisements on TV and radio and a plethora of stores, generally bunched into certain neighborhoods due to restrictions by some municipalities, offering them a quick fix for their financial woes.
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