What Happens In Filing For Bankruptcy? [Why Are Bankruptcies Increasing?]
As of October 26, 2023 according to USCourts.gov, there’s been a 13% increase in people filing for bankruptcy on the personal side and an increase of 30% in businesses filing for bankruptcy.
With the increase in inflation, the end of forbearance for most people, people having to pay their student loans again, some people getting laid off from their jobs, lack of “free money” given out like in previous years, it isn’t surprising that there’s been an increase in bankruptcy filings in 2023.
I’m sure if you didn’t select to have your mortgage in forbearance during Covid19, then you may not know a lot about forbearance but essentially, it’s when people had the option to not have to pay their mortgage at all or reduced the amount they had to pay on their mortgage, which if you have to pay those amounts again or even higher amounts, it could be extremely difficult for people after 3 years of not paying or paying as much.
You’ll want to watch the entire interview with Bankruptcy Attorney, Shaunay Steel to learn more about why they are happening, what the bankruptcy process is like, what is to be expected next year, best advice for homeowners, home sellers, home buyers and people on the verge of filing for bankruptcy and how this will affect the real estate market.
This has been “What Happens In Filing For Bankruptcy? [Why Are Bankruptcies Increasing?]” by Patrice Henderson of Designed Living Real Estate. Be sure to subscribe to her YouTube channels for all your real estate tips, home tours and advice.
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