Bankruptcies On The Rise
With the current financial crisis in the credit markets and subprime mortgage meltdown bankruptices among individuals and businesses have been on the rise. This rise is to be expected and has been common during economic downturns since back in the 1920s. The largest rises have been in New York, Houston, Los Angeles, and Chicago bankruptcy filings.
Many people simply cannot afford their mortgage payments and choose to file for bankruptcy instead of losing their home. If you are one of those that is considering bankruptcy then I urge you to choose wisely. Bankruptcy might be your only option but remember his will stay with you on your credit report for at least 7 years if not more.