Interesting American Bankruptcy Institute Headline and Summary on Nevada Bankruptcy

The American Bankruptcy Institute (an organization of which I'm a member) sent the following summary this morning.

Nevada has the highest population-adjusted bankruptcy filing rate in the nation, but even with the highest foreclosure ratio in the nation, Nevadans are not using bankruptcy to skirt foreclosure and keep their homes, according to Columbia Law School professor Ronald Mann, reported today. Mann's analysis shows that Nevada's bankruptcy filing rate so far this year is 5,176 filings per million adults, more than twice the national rate of 2,562 per million. At the same time, Mann notes that while Nevada leads the nation in filings - and has done so by a wide margin all year - its filing rate is actually down 17 percent from the first five months of 2010. Another wrinkle, he says, is that despite the subprime mortgage crisis that ravaged Nevada's economy, the 23 percent of its chapter 13 filings trails the national average of 28 percent. "Whatever Nevada filers are doing, they are not in bankruptcy to save their homes," Mann said.

The full article is here.

Posting by Andrew S. Mansfield (174556)
Mansfield Law Office

Please note the disclaimer on this website that all information posted by Andrew S. Mansfield does not constitute legal advice and does not create an attorney-client relationship.  You may need to contact an attorney to protect valuable rights.