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Old 03-09-2011, 09:36 PM
 
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more signs the economy is on the rise

Phoenix-area bankruptcies tumble to 2-year low
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Old 03-10-2011, 12:40 AM
 
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It takes money to file........
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Old 03-10-2011, 05:40 AM
 
Location: Metro Phoenix, AZ USA
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Quote:
Originally Posted by khuntrevor View Post
It takes money to file........
It always has, I don't think that's why bankruptcy filings are down. And, filing fees can be waived/deferred.

Last edited by observer53; 03-10-2011 at 05:50 AM..
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Old 03-10-2011, 07:46 AM
 
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Bankruptcies were never our problem. Foreclosures are. Unfortunately in a non-recourse state like AZ, a stupid investor can walk away from their 5 underwater investment properties and not have to declare bankruptcy.

Hopefully that helped clarify it for you. We still have an abundance of stupid people.
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Old 03-10-2011, 09:59 AM
 
Location: Metro Phoenix, AZ USA
17,914 posts, read 43,417,255 times
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Foreclosures ARE still a big problem here. Now, let's steer this thread back toward bankruptcy.
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Old 03-10-2011, 10:08 PM
 
10,719 posts, read 20,298,303 times
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Quote:
Originally Posted by HonestOne1 View Post
Bankruptcies were never our problem. Foreclosures are. Unfortunately in a non-recourse state like AZ, a stupid investor can walk away from their 5 underwater investment properties and not have to declare bankruptcy.

Hopefully that helped clarify it for you. We still have an abundance of stupid people.
You would have a point except most people who default on their homes don't exactly have picture perfect credit and other financial assets. It's pretty short sighted to pretend these two issues are unrelated. Foreclosures lead to bankruptcies in many cases. People who can't afford their mortgages are forced to foreclose on their homes. And the reason they are forced to foreclose on their homes is because they have suffered from some form of financial difficulty such as losing their jobs or their payments have gone up depending on how their loan was structured. They will often declare bankruptcy. And while fees are required to file for bankruptcy, I'm sure it's not as much as the $100,000-$200,000 they are in debt for.
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