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Follow on Google News | Bankruptcy Filings on Their Way Back UpLet's take a look at some of the factors behind the increase in bankruptcy filings as communicated by my colleague, a New York bankruptcy attorney.
By: Should You Sell Your Home Before Bankruptcy relaxed credit underwriting standards by lenders in every range of the risk spectrum interest rates with no caps – such as 30% penalty interest rates on credit cards a growing number of uninsured debtors who have to file bankruptcy to resolve unpaid medical expenses increasing gasoline prices My call rate has been increasing because of these factors and a few more, including the doubling of minimum credit card minimum payments the post-Christmas, post-tax refund effect – many people are still carrying credit card balances from Christmas and they have used up their income tax refunds mortgage delinquencies caused by upward adjustments of adjustable rate or interest only mortgages the end of the October 17 lull – prior to October 17, thousands of debors who otherwise might have waited a few months to file took advantage of the old law. Now, enough time has passed that people who were not previously in trouble are in trouble As expected, the new bankruptcy law has not and will not reduce the need for honest, hardworking debtors to file bankruptcy. The same problems that existed for debtors prior to October 17, 2005 still exist in 2006. For more information visit http://www.bankrupcy- # # # Should You Sell Your Home Before Bankruptcy distributes information through its network of websites, newsletters, blogs, and press releases. End
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