Your Economy (No Politics)

[skono4]

It will be interesting to see just how many fall into this category and what effects, if any, it has on the banking system...
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Bancruptcy will be a viable option, perhaps the only option for this class of homeowner and I'm pretty sure the new BK rules haven't changed for them. . What I find more curious though is how the change in BK law impacts those middle and high income families with two healthy earners. We're talking from $60K-$150K families that are now in $750K homes out here in SoCal. Can the bancruptcy judge force them to sell their jewelry, jet skis, boats, RVs motorcycles and SUVs, cancel the cable TV, wireless phones and internet access and FORCE them into a lifestyle that enables them to pay back the debts they've already run up?

I don't see that happening.