Bankruptcy filings fell by 70 percent in 2006

MSNBC.com is reporting that bankruptcies fell drastically in 2006. This is not surprising. It was clearly a result of the new laws that made Chapter 7 more difficult. For the homeowner in foreclosure, this has little relevance since Chapter 7 was (and is) typically filed by someone with few or no assets, often a renter with unsecured debts (i.e., credit cards). Chapter 13 remains a viable alternative for the homeowner looking for more time to reinstate a loan and stay a sale. Here is the link: read more.