Job Losses, Home Value Erosion Driving Up Middle Class Bankruptcies
By Jill Michaux, Kansas Bankruptcy Attorney on Dec 17, 2008 in Automatic Stay In Bankruptcy, General Bankruptcy Information
Bankruptcy Law Network President Jay S. Fleischman of Brooklyn tells New York Times readers that increased bankruptcy filings are caused by job losses and erosion of home values.
“We are seeing debt-collection efforts really being ratcheted up over the last couple of months,” said Fleischman. “What we’re seeing is the debts being sued upon far earlier in the process. That leaves consumers with the feeling that they don’t have the options they once did.”
Fleischman said. “Our clients now tend to be people who had better-paying jobs. More of the middle class and upper-middle class is being forced to consider this option as a result of job losses and the erosion of home values.”
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