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Bankruptcy

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Foreclosure Fears Drive One in Five Bankruptcies 

Aug 05, 2009By

One in five people cite avoiding foreclosure as the main reason for choosing bankruptcy, according to the Consumer Credit Counseling Service (CCCS) of Greater Atlanta. In June, the national nonprofit financial counseling agency found that 21.6% of the 16,744 people who received counseling filed for bankruptcy to keep their home. That figure remained above 20% since April. “Our research shows that tens of thousands of Americans are turning to bankruptcy to avoid foreclosure,” said Suzanne Boas, president of CCCS of Greater Atlanta, in a corporate release.