Results tagged “bankruptcies”

It's not surprising, but it's jarring to see the numbers: Personal bankruptcies filed by New Yorkers during the first 7 months of the year has increased 31% over last year's first 7 months. According to Crain's New York, it's "fueled in large by the number of homeowners who could not keep up with monthly payments on subprime loans," which is different from the usual reasons of "catastrophic events such as accidents, illnesses or divorce." An example of those facing bankruptcy include a 28-year-old math teacher who says he was "scammed" into investing in $1.5 million in real estate without putting money down, "I make $50,000 as a schoolteacher. There's no way I should have been approved for loans that big."