January 23rd, 2008
Overzealous investors trying to flip homes face financial ruin when no buyers emerge for their investment properties.
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South Florida Sun-Sentinel.com
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Personal bankruptcies jump 96% in Metro Orlando |
Personal bankruptcy jumps 96% in Orlando The mortgage crisis is affecting borrowers at all income levels. |
Nearly 7,060 debtors declared insolvency in Orlando’s federal bankruptcy court in 2007, up 96 percent from 2006, the U.S. Bankruptcy Court for the Middle District of Florida reported.
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Fueled by the mortgage crisis, personal bankruptcy is reaching all levels of the income spectrum — from affluent professionals to lower-income subprime borrowers, bankruptcy lawyers said.
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“I have doctors, Realtors, mortgage brokers and all kinds of people who had rental properties who are in trouble now,” said Andrew Baron, a consumer-bankruptcy lawyer in Orlando. “These are people who never dreamed they’d be facing this kind of situation. And they’ll resist until the bitter end before they file bankruptcy.”
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Filed under: Foreclosures
