Housing Market Hits 8 Year Low

Utah Bankruptcy Lawyer Can Help

Everyone knows about the steep decline in the housing market over the past 5 years. However, the news got worse this week as reports indicated the market hit its lowest point in 8 years. As you can imagine, this is plunging more people into foreclosure and bankruptcy is still one of the best options for getting out. For those individuals considering bankruptcy in Utah, Salcido Law Firm can help. Our team of highly dedicated bankruptcy attorneys in Salt Lake City and Provo have helped hundreds of people over the past year get on their feet again.

Recent Housing Statistics

The housing market is still very gloomy. Consider a few of the following recent housing statistics:

  • Nearly 2 Million homes are currently in foreclosure in the U.S. This is unbelievably high and there is no sign that the current trend will be slowing anytime soon.
  • 28 percent of homes are currently “under water.” More than a quarter of home owners have negative equity in their home.

With statistics such as these, it is no wonder why consumer are so apprehensive about the market and why demand continues to slow and supply continues to rise.

Chapter 13 Bankruptcy in Utah

One way for a home owner to be able to stay in their home, avoid foreclosure, and work out an adjusted payment plan that is affordable, is through the Chapter 13 bankruptcy process in Utah. Chapter 13 is not a complete discharge of your debts, such is the case in a Chapter 7. Instead, Chapter 13 bankruptcy allows people with some moderate income to save assets while adjusting debts to more affordable means.

Salcido Law Firm 801.413.1753

For more information regarding Chapter 7 or 13 bankruptcy, and  our representation, call and speak to a Utah debt relief lawyer in our office today. We provide free consultations and can help you get on the road to recovery today. Call anytime at 801.413.1753.

Related posts