Subprime Lenders Facing Bankruptcy
Subprime lenders are beginning to feel the pinch economically, and that includes Summit Financial Corp., Spring Tree Lending, and Pelican Auto Finance.
Summit Financial Corp. filed for bankruptcy last month. My experience has always been that a large portion of my bankruptcy clients have auto loans with Summit Financial which is based out of Florida. Bloomberg had previously reported that Summit has been misreporting its losses and Spring Tree Lending which is also in bankruptcy, was accused of fraud by its investors.
What the Future Holds for Subprime Lenders
Experts believe unlike subprime lending in the mortgage industry, because the losses are smaller and the market overall is smaller, the Great Recession between 2007-2009 is unlike to repeat itself, but only time will tell if that holds true.
‘m getting close to twenty years practicing law, which includes bankruptcy law, and I always would advise people that medical bills are more than half the reason why bankruptcies are filed, however, a new suggests otherwise.
Governer Rick Scott signed into law S.B. 220 which allows documents pertaining to bankruptcy to be used as evidence in foreclosure cases in state court.
Representing clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents for 20 years.
(904) 712-5565 or (305)-688-LAWS (5297).
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