Hearing on Working Families in Financial Crisis: Medical Debt and Bankruptcy
The current rising tide of mortgage delinquencies following the run up in the real estate market and subsequent subprime mortgage crash are expected to affect poor families disproportionately (which makes sense when you think about it since subprime loans are most attractive to those who cannot afford them). See the story here.
June consumer filings are slightly lower than they were in May, but are still up 37% from same period in ’06. Chapter 13 filings accounted for 38.3% of all consumer cases , a slight increase over the previous 3 months. According to Samuel Gerdano of the ABI, while filings are less than 1/2 of what they were in 2005 they continue to rebound toward their former levels.
People 55+ now account for more than 22% of filers, up from less than 10% in 1994. Partially to blame is the slow pace of growth in pensions and asset values, as well as the loss of much of the once-reliable pension benefit scheme. For more see the original story here.