April’s one-month increase in delinquent home mortgages was the largest in U.S. history. The new mortgage forbearance law is a major reason.
Photo by Melinda Gimpel on Unsplash Consumer bankruptcy filings edged up in 2019, increased more this March, sharply declined in April, but are very likely to shoot up now. In the last two weeks three major retailers filed Chapter 11 business bankruptcy: J. Crew, Neiman Marcus, and J.C. Penny. Total business Chapter 11 reorganizations were up 26% in April 2020 … Read More
Photo by Kelly Sikkema on Unsplash The new coronavirus law temporarily allows amend Chapter 13 plans to extend to a 7-year period instead of the current 5-year maximum. Last month we described the changes to bankruptcy law made by the coronavirus CARES Act enacted on March 27, 2020. One of those changes is the ability to extend the length … Read More
Photo by Ferran Fusalba Roselló on Unsplash If you owe your bank or creditor union fees on your account, or other debts, it may be able to pay itself out or your $1,200 relief payment. Our last blog post was about whether your creditors can seize the $1,200 (or so) pandemic relief payments. Today’s is about one specific class of … Read More