CURRENT BANKRUPTCY NEWS – JANUARY 2018
Several articles recently highlighted the deepening sense of financial pain being felt by middle class and working class Americans. Below are some of the recent bankruptcy related news stories for January of 2018 and how these trends may affect bankruptcy filings in the future.
Hurricane mortgage woes continue to pile up
This article focused on the continuing economic toll of the major hurricanes of 2017. There are currently 4% of all Florida mortgages that are at least 90 days late as of January, 2018 according to the article. In addition to the economic toll of the hurricane, it seems that my recent experience has been that most people who applied for mortgage held did not fully understand the terms of the help. Most people who I have spoken to regarding the forbearance programs thought that the loans would be easily modified or the payments were not due in 90 days. Instead, the January, 2018 end of the forbearance program meant that 4 mortgage payments are now due all at one time.
20% Jump in credit card delinquency rates
Banks and other card issuers suffered a 20% jump in credit card delinquencies in 2017 as compared to the year prior. The main point of the article focused on normal consumers using credit cards as day to day living income to supplement low or no wage growth.
Top 1% income earners earned 82% of all wealth created in 2017
Worldwide, the top 1% of income earners kept 82% of all new wealth created in 2017. Only 18% went to the other 99%.
Please feel free to contact our office with any bankruptcy related questions at 904-725-0822 or bkmickler@planlaw.com
Bryan K. Mickler
