Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Snowshoe who wrote (55304)	11/1/2004 3:32:50 PM
From: Ilaine	Read Replies (2) of 74559

Mortgages in the Great Depression were typically for four years, not 15-20-30, and even worse, were callable -- the lender could demand payment in full at any time. Today's mortgages are not callable except in the event of default. Further, bankruptcy laws like Chapters 11, 12 and 13 allow debtors to retain possession of their property and make reduced payments to creditors. People with no property have the option of Chapter 7. And even if you don't have property, you can still file Chapter 13, which doesn't have the time limit to file successive cases like Chapter 7 does (6 years from discharge law doesn't apply in Chapter 13 cases). Just one of the many many reasons why studying the Great Depression doesn't help much in predicting what can happen in America. BTW - people who are having trouble servicing their debts should talk to a bankruptcy lawyer. I have seen so many people forced into bankruptcy AFTER spending thousands and thousands on credit card debt they could have discharged. Credit counselling is a total rip-off.

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