Being an attorney near the Anson Indiana development, I have observed that the area has not been spared from the need to file bankruptcy. Anson Indiana was one of the largest and boldest planned-unit developments in the United States. It has survived the recession and continues to grow. However, many of the local debt-ridden residents are facing the pains of insolvency and bankruptcy. A couple factors found within the Anson development may be contributing to Anson’s continued need for personal bankruptcy filings
Anson is a higher-end housing development with various new luxury apartments, houses, and condominiums to choose among. These high-end housing units come with high-end monthly costs that have pushed many residents into tight budgets. Most of the employers in the area also do not provide high-end positions, the most of these positions being warehousing jobs. This can create situations where residents are using too much of their income for housing instead of other expenses. Excessive housing expenses create impossible budgets where eventually credit is used in order to just service monthly bills. This cycle results in the lack of savings and creditors building up until the resident needs to file for bankruptcy.
Anson bankruptcy is also common due to the prevalence of mortgages being used to purchase homes within the tight subdivision developments. Traditionally, sub-division homes are sold by large builders through a mortgage brokerage system. These type of homes are more likely to have poor mortgage deals than traditional rural or urban settings. These developments are frequently like a mortgage factory, producing as many housing units and accompanying high-cost mortgages as possible. These excessive mortgages create a highly-leveraged community that is not usually focused on savings and investment. The result is a continuous trickle of bankruptcy as accompanying consumer debt rises.
If you have found yourself in a similar situation as described above, you are not alone. These developments build wonderful infrastructure and housing. They do also, however, create massive of amounts of debt. If you need to get relief from your debts, do not wait until the situation gets out of control. Contact our Anson Bankruptcy office and we will help you get the recovery you need.