Foreclosure Nation

NOTE: Article has been updated to include jurisdictions where DBRS says most primary mortgage cram-downs are taking place: California, Texas, and Louisiana. The research firm and ratings agency DBRS has learned from various servicers that although Congress never authorized bankruptcy judges to modi...

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On February 9, the House Committee on Oversight and Government heard testimony about whether states, like corporations and some municipalities, should be allowed to declare bankruptcy. A proposal from University of Pennsylvania Professor David Skeel has been making the rounds and gained traction r...

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WASHINGTON -- Economists at the New York Federal Reserve have concluded that a controversial 2005 law backed by banks and credit card companies pushed more than 200,000 people into foreclosure and exacerbated the subprime mortgage crisis. Consumer advocates fought hard against the law, which made ...

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As cities across the nation face increasing budget strains, the vocal group of experts warning about municipal defaults has gained a powerful member: Jamie Dimon. The JPMorgan CEO said he expects to see more U.S. municipalities declare bankruptcy, Bloomberg News reports. His concerns echo those of ...

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Last year was a brutal one for Americans filing for personal bankruptcy, as long term unemployment and dire housing prices caught up to those who had managed to stay afloat. In 2010, personal bankruptcy filings topped 1.5 million -- a 9% increase from 2009, and the highest level since 2005, when a r...

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The number of Americans filing for personal bankruptcy topped 1.5 million last year, as high long-term jobless rates and depressed home prices drove more households to seek court protection. Sortable List: Personal Bankruptcies, by State Personal bankruptcies rose to 1.53 million, up 9% from 20...

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NEW YORK (By Jonathan Stempel) - The number of U.S. consumers who filed for bankruptcy protection in 2010 was the highest in five years, and the figure could rise as Americans struggle with excess debt in an uncertain economy, a report issued Monday said. Roughly 1.53 million consumer bankruptcy p...

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Of course “Bankruptcy Filings Leapt 9% Last Year.” Filings will increase even more, along with voracity in the fight for bankruptcy ‘cram downs.’ The reduced interest rates on all those mortgage modifications the President promised would save us all will begin to tick upward again - they’re only ...

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Requirements of an Involuntary Petition The legal requirements for filing an involuntary bankruptcy petition are straight-forward and outlined in Section 303(b) of U.S. Title 11: 1. The creditors filing the petition must have total outstanding, unsecured debt of at least $13,475. Wh...

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South Florida continued to see upward movement in the number of bankruptcy cases filed in November compared to the same period last year. However, those filings fell, month-over-month, especially in Miami-Dade County, where the rate of personal bankruptcies dropped 25 percent in November compared t...

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South Florida bankruptcy filings rose in October, although new case filings slowed slightly from September. In the three-county area, personal bankruptcy filings rose 31 percent, to 3,244 from 2,473 in October 2009, but were down 2.6 percent from the previous month. The number of business bankrupt...

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WILMINGTON, Delaware - Bankruptcies rose 13.8 percent in the year to September 30 but business filings fell for the first time since the start of the most recent recession, according to government data on Monday. Business filings fell 0.7 percent as the economy strengthened and lending picked up,...

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South Florida continued to see upward movement in the number of bankruptcy filings in October, although new case filings slowed slightly from September. In the three-county area, personal bankruptcy filings rose 31 percent, to 3,244 from 2,473 in October 2009, but were down 2.6 percent from the p...

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Wondering if any of my bankrputcy attorney friends out there care to chime in on the defeat of the cram down?...

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Bankruptcy stays on your credit report for 10 years which can make buying cars, homes and other things more difficult and expensive. Chapter 7 is used when you want a totally clean slate. The objective is usually for the court to declare you unable to pay your debts and all debts are eliminated....

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