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Preventing Foreclosure: Bankruptcy Filings On The Rise

According to studies that have been recently conducted, bankruptcy filings have been on the rise for elderly Americans. For Americans aged 55-64, bankruptcy filings have increased by 151%, and 178% for those aged 65-74. Also, for those aged over 65, bankruptcy filings have increased by an immense 567%. This rise can be explained by the fact that there is a decrease in health insurance coverage and a lower income.

What Can You Do To Avoid Foreclosure: Other Means To Bankruptcy

When you are under intense pressure which is put on you by your lenders, you may look for a really fast solution. This solution most likely would be to file for bankruptcy. Even though it can help get rid of credit card debt, medical debt, it can not really help eliminate some types of debt. These types can include; home equity line of credits, auto loans, lease contracts, tax debt, student education loans or family support (in the case of divorce). Many people rush into this stage to avoid foreclosure, but there are some options for you.

1. Elders should be retiring and living a dream life, but this is not the case presently. For elders, credit card debt is on the rise as well, mostly for those in the age range of 55 to 65. Some elders will be unwilling to accept money from children or grand-children, but this is a very good solution. There is an organization which may help you to avoid foreclosure. This organization can be visited at AHCA.  They can help you by giving you a better payment plan that would be better for you.

2. In most cases, your lender would expect you to make your monthly mortgage payments a priority. If you are paying for other credits and missing mortgage payments, that is not a good sign. If you have some sort of debt that is getting in the way of making mortgage payments, you should seek help. Once a lender files foreclosure, you will have to pay intense fee\’s on top of the payments you defaulted on.

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3 Responses to “Preventing Foreclosure: Bankruptcy Filings On The Rise”

  • Mark CNo Gravatar says:

    Hey,

    This is really great information. I will check out the AHCA site. These two solutions are very neat, I will surely have to let my friends know about this website.

    Mark C,

    Mark C’s last blog post..Chinatown Bus in Service For New York, Boston, Washington DC & Philadelphia

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