Stockton and Detroit have succeeded in emerging from bankruptcy filings, but other cities could have similar issues in the near future. These medium-sized cities in California and Michigan struggled with, among other things, an underfunded pension system. There was simply not enough tax revenue to pay these obligations. One observer called Illinois the “basket case” of pension cases.
The recent release of statistical data by the Administrative Office of the U.S. Courts reveal that bankruptcy filings were down by 11 percent for the 12-month period ending March 2014. The big question, however, is will the downward trend continue throughout 2015?
If you’re looking to get a mortgage through the Federal Housing Administration, there are several important factors to consider. FHA will review your credit history in order to determine what kind of a loan risk you are, but it is possible to get an FHA mortgage even if you have previously filed bankruptcy. Learn more about the stipulations attached to this guideline by talking to your bankruptcy attorney.