In recent years the number of bankruptcy petitions filed in the United States has reached historic levels. On primary reason for the increase in the number of debtors turning to bankruptcy is the national recession the country has been experiencing. As is often the case during an economic downturn, the real estate market has also suffered. In many markets, property values plummeted virtually overnight. The result for many debtors is that they now owe considerably more for their house than the property is worth in the current market. The one shining star in all of this is that if you find yourself in this situation and you have a second mortgage on the property you could be able to eliminate the second mortgage through bankruptcy.
Read more . . .