Santa Barbara BK Ct. increases are ‘average’ and ‘shocking’.
This mornings article from The Santa Barbara News Network
http://www.thesbnn.com/?p=3554
examines the significant increases in filings in that area, presumably one that is more affluent, and should be immune to the present economic client. This article clearly shows that the housing crisis has hit mainstream, and the voluntary loan modification program is not working. It is clear that the bankruptcy laws should be changed to allow forced modifications in bankruptcy court. Either that ‘stick’ or the banks will then be forced into legitimate and comprehensive loan modifications. Something that is sorely lacking in the present. While everyone waits for things to get better, Congress take no action. This is shameful and again represents the failure on both sides of the aisle for our leaders to take action to help struggling families (their constituents) try to keep and pay for their homes.
John C. Colwell
San Diego Bankruptcy Attorney
Member, Board of Directors, NACBA
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