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Wednesday, March 4, 2009

U.S. Bankruptcies on the Rise

From Realtor Magazine Online, Daily Real Estate News March 4, 2009

Bankruptcies rose 29 percent in February compared to the same month a year ago, according to the American Bankruptcy Research Center.

"We expect at least 1.4 million bankruptcies this year," said American Bankruptcy Institute Executive Director Samuel Gerdano, in a statement.

Gerdano predicted that the number will rise if Congress permits residential home mortgages to be modified under Chapter 13 of the Bankruptcy Code, which allows people to set a budget and pay creditors in whole or part.

Source: Reuters News (03/03/2009)
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