Monday, August 22, 2011

Renton Washington Bankruptcy and Foreclosure Information

One of the problems of bankruptcy unique in the area of ​​Seattle is the economic diversity of different communities. Usually when people think of Seattle, do not realize that the metropolitan area is actually made up of many small independent communities. If you spend any time in Seattle, you will notice that there are suburbs just as it has done around the cities. This means that if you are trying to locate bankruptcy and foreclosures in the Seattle area, it is broken down by each of these cities.

Renton is one of the most important villages around Seattle. It is at the southern end of Lake Washington and is located just south of Bellevue. The projected population in 2010 Renton is about 63,000 people. In addition, there are approximately 14,000 families in Seattle, with about 28,000 people living in households. Household income are strongly clustered in the range of $ 50,000 to $ 100,000. Finally, most people over 25 have some college but no degree. These demographics are important to understand patterns of bankruptcy and foreclosure in Renton.

There are certain predictors for either bankruptcy or foreclosure. First and foremost is education, the more educated are less likely to face foreclosure or bankruptcy. The group at highest risk of bankruptcy are people with no college degree. Unfortunately, this is the largest population group in Renton. The reason that education is so important is that most accurately predicts revenue.

Based on this demographic information, Renton is right in the middle of the ongoing mortgage crisis and the rise of bankruptcy filings. In addition, available data on RealtyTrac shows that.36% of housing units in Seattle are in some stage of foreclosure. This exceeds the rate for King County at.23% Washington State at.23% and the national rate of.26%. Besides this, the data show that since December 2009, October 2010 was the busiest month of foreclosures. Similarly, the bankruptcy court foreclosure rates, because many people decide to file for bankruptcy only once their home goes into foreclosure.

Demographic data show that Renton, WA is a prime area for bankruptcy and Chapter 13 bankruptcy in particular. Individuals and families should be sure to contact a bankruptcy attorney Renton or a bankruptcy attorney familiar with Seattle, if you have questions about how bankruptcy will affect its implementation.




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