February 5, 2009
January Filings Down Again
There were 89,037 bankruptcy petitions filed in January, 2009. This compares to 95,403 in December and 91,355 in November of 2008. I don't think there is much doubt that a lot of people are waiting to see what form the home mortgage modification legislation will take. It looks like a person filing chapter 7 now will be able to convert their case to chapter 13 later if they can modify their mortgage. The problem is if they get a discharge in the chapter 7, they cannot get another discharge in a chapter 13 for a while. So unless there is some other important reason to file now, why not wait for a few weeks anyway.
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A Mortgage Modification is a process whereby a home owner's mortgage is modified and both the lender and homeowner are bound by the new terms of the new mortgage.
The most common mortgage modifications are listed below:
lowering the mortgage interest rate
reducing the mortgage principal balance
fixing adjustable interest rates within the mortgage
increasing the loan term throughout the mortgage
forgiveness of payment defaults and fees
or any combination of the above
Check out this public service site at http://mortgagemodificationinfo.org
Posted by: beachdude | Feb 5, 2009 9:21:50 PM
Good to see that the trend is down for bankruptcies. Looks as though the economy is beginning to turn now that a new administration has been sworn in.
Posted by: Steve | Feb 6, 2009 6:46:17 AM
We saw an increase in 13 filings here in this office (Corpus Christi Texas). We actually could have filed many more (10-15 more) had we booked more on the weekends. Most debtors we see are not sophisticated enough to understand the legislation.
Posted by: Patches | Feb 12, 2009 12:15:37 PM
Now this is really interesting. A person can convert from chapter 7 to chapter 13? Perhaps too many people are misusing the benefits in chapter 7 that the court allows the conversion?
Posted by: Chapter 7 Bankruptcy | Feb 15, 2009 11:41:58 PM