Demerle & Associates, P.C.

BANKRUPTCY WATCH: U.S. bankruptcy filings continue to outpace the number of filings at this time last year: * Ch. 7 up 12 percent * Ch. 13 up five (5) percent * Ch. 11 up more than 31 percent. If past is prologue, then we will see bankruptcy filing spikes in early September, early October and early December. Query whether the long-predicted-but-yet-to-happen "crash" in the commercial debt space will accelerate the pace of filings as $1.5 trillion in commercial debt matures into a higher interest rate environment, leaving borrowers with few options to refinance. #mortgage #bankruptcy #defaultservicing See https://lnkd.in/e-5-ETHc

ICE: U.S. residential foreclosure delinquency rate saw a monthly increase of 14.5%, the second-highest level in 18 month. However, serious delinquencies (loans 90+days past due) were down 8.5% YoY and down more than 10% from pre-pandemic levels. ICE sees the delinquency increase as a "calendar-driven spike." #mortgage #foreclosure #defaultservicing See https://lnkd.in/g-XTVdUV

BANKRUPTCYWATCH: The crew at BW have some compelling data. Weekly YOY bankruptcy filings continue to climb across all three (3) major chapters: Chapter 7s up 15.3% (4,687 in 2023 to 5,404 in 2024). Chapter 13s up 6.04% (3,294 in 2023 to 3,493 in 2024). Chapter 11s up 31.08% (74 in 2023 to 97 in 2024). The increase in bankruptcy filings is happening without any corresponding increase in residential foreclosures. (Nationally, U.S. foreclosures in the first half of 2024 are 4.4 percent fewer than after the first half of 2023.) If/when that residential foreclosure rate starts to rise, bankruptcy practitioners will be drinking from a proverbial fire hose. #bankruptcy #defaultservicing See https://lnkd.in/g-mRJqqr

ATTOM: U.S. foreclosure activity in first half of 2024 down 4.4 percent from same time in 2023. Massachusetts among top five (5) states in greatest increase in foreclosure activity. Connecticut among top 10 states in the nation with highest foreclosure activity. #mortgage #foreclosure #defaultservicing See https://lnkd.in/dW87vfR5

FALMOUTH, MA — Patricia Antonelli, Esq. appeared at ABI Northeast’s Bankruptcy Conference and Consumer Bankruptcy Forum in Falmouth, Massachusetts today, speaking on bank failures. “Commercial loans typically mature in 5-10 years and the borrowers go to the banks to get them re-written,” she told the conference. With interest rates having risen in the last few years and with $1.5 trillion in commercial loans maturing by the end of 2025, “that’s not going to happen,” Attorney Antonelli said. “That’s going to be a lot of work for insolvency” practitioners. Also on the panel were the Honorable Janet Bostwick (US BK MA), Adam Ruttenberg of Beacon Law Group and Kirk Berkley of Bernstein-Berkley.

"We hold these Truths to be self-evident, that all Men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the Pursuit of Happiness ... " -Thomas Jefferson Wishing you a festive and safe Independence Day! -Your friends at Demerle & Associates, P.C.

BANKRUPTCY WATCH: The U.S. saw more bankruptcy filings last week than in any week of 2023: Ch. 7 up 11.73 percent, Ch. 13 up 6.07 percent, Ch. 11 down 22.67 percent. Meanwhile, the Kobeissi Letter reported that, since August 2021, Americans depleted their savings to the tune of $2.3 trillion while they have taken on more than $290 billion in credit card debt. While the U.S. residential foreclosure rate remains near historic lows, the underlying numbers show a U.S. consumer under significant and increasing financial strain. #bankruptcy #foreclosure #mortgage #defaultservicing https://lnkd.in/eYT62_28

Exciting news! Our bankruptcy manager, Tatyana (Tanya) Tabachnik, Esq., will attend the 59th annual seminar of the NATIONAL ASSOCIATION OF CHAPTER 13 TRUSTEES here in Boston! #bankruptcy #NACTT