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Suffered Enough? Okay, Then We'll File Your Bankruptcy! And How About those Bad Banks?

By Joseph McDaniel, Esq.

I've been talking to a lot of folks recently who I've seen before.

Previously, they'd considered bankruptcy, or contemplated bankruptcy, or planned to file bankruptcy, or thought about bankruptcy.

And now they've reached threshold. They've suffered enough.

So now they're filing bankruptcy!

I don't know whether it's a phase of the moon, or one of my new Arizona Bankruptcy Blogs, or another new Arizona Bankruptcy Blog; maybe the original, maybe extra-crispy, but whatever it is, I'm seeing a lot of old friends who are now new clients.

I'm also seeing increasing numbers of people who are the subjects of bad actions by mortgage companies and banks, and generally they simply want to get on with their lives.

But more and more, I get to see people who thought they had a deal with banks to extend out the date of the trustee sales, and amazingly, the bank forgot! So the sale happens, and the bank says, Oooops!

But the bank doesn't generally volunteer to put things back the way they were.

It will be interesting to watch the Tsunami. Not the one that got Japan and Northern California last night, but the Tsunami of lawsuits against the banks that keep doing bad things to mortgage holders who are trying desperately to get mortgage modifications.

On the other hand, when the banks wanted to make bankruptcy a colder, more complex, more dangerous and more expensive proposition, they knew how to do it.

They talked to Congress.

And I've heard that money talks.

Full post as published by Arizona Bankruptcy Attorney Blog on March 11, 2011 (boomark / email).