Mortgage Driven Bankruptcy Filings against the Backdrop of an Amended Bankruptcy Code
Article by Krista Scruggs
Bankruptcy used to be the stigma laden option for consumers who were simply too deep in debt to find a way out. In the past Chapter 7 filings could lighten the debt load for filers by simply doing away with credit card bills and other unsecured loans. In some cases, homeowners could even keep their homes and cars, depending on their ability to repay the loans and of course also the amount of equity contained within the asset.
When changes to the bankruptcy code were submitted