Bankruptcies Surge in Massachusetts as Families Try to Save Their Homes
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There has been a surge in bankruptcies in Massachusetts as families try to save their homes from foreclosure. The attorneys involved in the bankruptcy process say most of those coming in are families with adjustable loans who are now unable to make their mortgage payments and pay their other bills. In an effort to save their homes they are filing bankruptcy to negate the rest of their debts.
Local bankruptcy attorneys said the reason for the bankruptcy surge is simple: Homeowners are struggling with high subprime and adjustable-rate mortgages, as the housing market tanks in some parts of the state.
“It’s almost all (related to) mortgages,” said William McLeod, a Boston bankruptcy attorney who says his practice is now going stronger than before the 2005 changes to the nation’s bankruptcy laws. Those changes were supposed to reduce the number of people seeking bankruptcy protection. via BostonHerald.com.
I wrote back in November, 2005 that Massachusetts was especially vulnerable to a downturn as many of the residents were using the gains in housing as a bank account. Cash out equity was 14 percent of the disposable income in the state for 2004. Now we are paying the piper.
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Comment by John S on 3 August 2007:
I wish that more information was available to people that are in trouble. There is no reason to go to foreclosure or bankruptcy. Many are unaware that if you are really in trouble you can often short sell. It hurts the credit, but not like a foreclosure or bankruptcy. I was able to get out of my house without bankruptcy that way. You just have to be careful of scams.
http://www.shortsellhouse.com