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...fourth-floor courtroom of the U.S. Bankruptcy Court of the Southern District of California, which serves San Diego and Imperial counties (pop. 3.4 million), Chief Judge Peter W. Bowie's docket is overflowing. Bowie has 77 Chapter 13 bankruptcies on his Tuesday calendar, one of which is the case of Juan Flores...
...says. As his client roster evaporated, Flores started drawing on credit cards and took out a second mortgage to the tune of $57,000 in order to stay afloat. In 2009, out of options and under threat of losing his home of 10 years, Flores filed for Chapter 13 bankruptcy - a reorganization filing under which consumers agree to a plan to make payments of past-due debts to creditors for a three- to five-year period. But now he is behind on his payments again, and Wells Fargo Bank wants to restart foreclosure proceedings. (See the best business deals...
...statistics show that Chapter 7 bankruptcy filings are rising faster than the more complex Chapter 13 filings. While the latter requires individuals to repay a substantial portion of their debt and prevents banks from foreclosing on their homes, Chapter 7 bankruptcy allows a debtor to wipe out his or her debts entirely and get a fresh start. "It is very fast and very deep debt restructuring," says Porter. Since 2005, Chapter 13 filings have dropped from about 35% of all personal bankruptcy filings to 25%, she says. "Systemically, that's a big change...
That change suggests that more home owners are simply walking away from their mortgages, rather than attempting to make payments, especially during a recession with record-high long-term unemployment. "Chapter 13 was designed for regular economic times when people might lose their jobs and fall behind on their mortgage for three to four months, but having found a new job they would be able to use the Chapter 13 process to keep their homes," says Porter, noting that even during normal economic times only 1 in 3 Chapter 13 bankruptcy filings results in the individual's successful meeting...
...Ross put the word out about the upcoming screening through her local Autism Society chapter. "We didn't know if we'd have an empty auditorium," says Harris. "We had 300 seats, and we had to turn people away. I knew we were on to something...