Philadelphia-area Bankruptcies Dropping a BitNovember 27, 2011 – In The News
Ray Patella commented on the amount of bankruptcy filings in the Philadelphia-area saying that filings were at a low in 2006 and 2007 then spiked up after the 2008 banking crisis. The filings kept increasing as the economy kept tanking and the unemployed ran out of cash.
"It takes a while for people to fall sufficiently behind on their mortgage" to be forced into bankruptcy court, he said.
"If you were current in '08, and all of a sudden you lose your job, it doesn't mean you are going to file for bankruptcy October of '08."