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Castle Law Office Bankruptcy News for Missouri & Illinois | Castle Law Bankruptcy Current Events

Bankruptcy Filings for Wealthy Families on the Increase


Posted on Sep 21, 2009

Wealthy families’ bankruptcy filings rose 73% according to the National Bankruptcy Research Center. The increase in filings is due to a failing real estate market that has left many individuals unable to use a loan modification or move their assets. Many have found themselves upside down in their mortgage and facing a possible foreclosure.

It seems that the risk of moving all of their money into investments has left these individuals with little to fall back on. From July 2008 to July 2009, sales of homes with a sale value of between $1 million and $2 million decreased 23%.

Perhaps America has further evidence that the recession has humbled everyone—and bankruptcy has been there to help every step of the way.

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