Raleigh, North Carolina, was hit particularly hard by the housing crisis. As the nation begins to slowly climb its way out of the most recent recession, the housing market has made significant recovery strides in many parts of the country. Raleigh, however, remains in state of foreclosure crisis. According to Realty Trac, Raleigh ranks third on a list of 20 cities where the foreclosure rate remains high and is likely to increase in 2013. If you’re dangerously close to losing your home to foreclosure, a bankruptcy filing could let you keep your house. Here’s how it can work for you:
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With the economy continuing its slow recovery, research data suggests that seniors are filing bankruptcy in higher numbers than ever before. According to a recent article from TheStreet.com, approximately 25.3 percent of all bankruptcies filed in 2011 involved individuals who were aged 55 or older. The cause? Living expenses, including medical expenses, are increasing while their income is decreasing. Even though government programs like Social Security and Medicare are intended to bridge the gap, seniors often find themselves coming up short and racking up debt as a result.