Figures just out show a 9% drop in the number of people filing bankruptcy last year. It’s part a national trend.
There’s a related fact. Mortgage delinquencies are dropped to their lowest level in 25 years. With home prices continually on the rise, more people have room to refinance … or to simply sell their house and get out from under financially.
A big drop in filings is expected last this year … after Washington pushes through the Bankruptcy Reform Act, which will make it harder for individuals to successfully use bankruptcy to escape a financial dilemma.