Anyone living in the Garden State this week knows what a complete disaster Hurricane Irene left behind. I live in Passaic County and drove for four hours on Tuesday (with the rest of my fellow Passaic County residents) in complete circles. In the past five years we have seen what we thought at the time was major flooding; however, after seeing the flooding Irene left behind it made the floods from years past almost look like a rain shower.
People who have lost everything and who may have already been unemployed may need to file bankruptcy once they get their bearings and find a new place to live. Many people may find it impossible to rebuild and may need to make the difficult decision to walk away from their home. A bankruptcy may help them do that. I strongly recommend that if you know someone who has been devastated by the recent flooding you should have them consider filing for bankruptcy. It may just help get the “Fresh Start” they need and so deserve after this devastating hurricane.
I have seen bankruptcies filed as a result of the flooding in the past several years. I fully expect to see a high increase in flood related bankruptcy cases. Homeowners should remember if they are rebuilding and they have been affected by the flooding they may be able to rebuild while eliminating their second and third mortgages. This is only one of the possible benefits of filing a bankruptcy.