If you are a California bankruptcy attorney who has just been advised of the state’s foreclosure rate then you may be a little taken aback because according to a recently released report, California is one of a handful of states that lead the nation in foreclosure rates. Along with California, Nevada, Florida, Arizona, and Illinois also top this list. These states comprise a total of 60% of the foreclosures in the first quarter of 2009. This equates to a total of 479-516 foreclosures distributed through these five states.
Now this may be cause for alarm for practicing a California bankruptcy lawyer. For others though, it may not be a surprise at all. This dim economy has lots of people all over America on edge and just a paycheck away from catastrophe. The concentrated efforts of a diligent California bankruptcy lawyer can certainly bring a form of financial relief to his or her clients, especially during trying times such as these.
Foreclosures are, simply put, part of the equation that, more than likely, leads to consumer bankruptcy. Think about it for a second. If you are not even able to maintain your living quarters then why pay other creditors? Many homeowners, and renters as well, place an very high priority on paying their mortgage or rent over anything else so that is usually the last, not the first, bill to go unpaid.
Things that usually precede a foreclosure can include serious delinquency on credit cards and loans. Having a vehicle repossessed might also be something that occurs immediately prior to someone seeking federal bankruptcy protection. Once one is a few months in default with creditors, then it is likely that foreclosure may be ensuing. Typically, a bank will not foreclose on a home until the homeowner is at least a few months behind on their monthly mortgage payment.
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