Bankruptcy

Latest Bankruptcy Statistics, Mortgage And Foreclosure Updates

By Scott Riddle

From the Administrative Office of the U.S. Courts, via Law.com, bankruptcy filings are up 30% for the twelve month period ending March 31, 2008.  It is not a surprise that Georgia is near the top -

The top five states for bankruptcy filings per capita in the 2008 data are Tennessee, 6.7 per 1,000 population; Georgia at 5.45; Alabama at 5.29, Illinois at 5.16; and Michigan at 4.82 per 1,000. 

There was also a bit of a "lull" in Gwinnett foreclosures this month, but it is not what it appears.

It's not that the tide of foreclosures has truly ebbed. A legal change forced lenders to file some paperwork differently before foreclosing. When a lender sells a loan to another institution, the change must be recorded at the courthouse before a foreclosure can happen, Hardegree said. The change will push many of the June foreclosures into later months, he said. "Next month will be horrendous," Hardegree said. "And the month after that will be worse." ...

Lowell Pratt Residential LLC lost to foreclosure 35 plots of land in the Wilshire Manor subdivision near Grayson. The foreclosure represented an $8.76 million loss for the Norcross-based builder. Twenty lots and a handful of homes in the Georgetown Commons subdivision also went up for auction Tuesday. Homes had been listed for more than $600,000 in the Grayson-area development. About $10.5 million in residential property was lost to foreclosure Tuesday at Georgetown Commons 
 

The now-not-so-rich and famous are also facing the music.  This includes Ed McMahon and, probably no surprise, Evander Holyfield, who also can't make support for at least some of his nine (+) children. 

His palatial estate in Fayette County is under foreclosure, according to a legal notice that appeared in a local newspaper, and is set to be auctioned by Washington Mutual Bank on July 1. The home is worth an estimated $10 million

For a bright spot, tomorrow, June 6, 2008 is National Doughnut Day.  Stop by the local Krispy Kreme for a freebie.

Full post as published by Georgia Bankruptcy Blog on June 05, 2008 (boomark / email).