Are Foreclosures Killing the Economy?

According to Craig Pollack and Julia Lynch, foreclosure is “not just a metaphorical epidemic, but a bone fide public health crisis”.

A paper released by the National Bureau of Economic Research found that “people living in high foreclosure areas in New Jersey, Arizona, California and Florida were significantly more likely than those in less hard-hit Foreclosures Tampa Economy Bankruptcy Lawyerneighborhoods to be hospitalized for conditions like diabetes, high blood pressure and heart failure”.

A study showed that “more than one-third of homeowners had symptoms of depression and that there were “more suicide attempts in high-foreclosure neighborhoods”.

The study points out that “for every 100 foreclosures, a 12% increase in anxiety related emergency room visits and hospitalizations by adults under 50”.

Pollack and Lynch urge that “settlement negotiations with the financial industry over mortgage fraud and abuse should include money for healthcare.  Millions of Americans are locked into mortgages they can’t afford.  If we can’t help them stay in their homes, the least we can do is help them stay alive”.

At Sunshine State Bankruptcy, we see every day the stress associated with financial difficulties, but unfortunately, bad things happen to good people.  But there is a solution.  You can learn whether or not bankruptcy can provide you and your family with a fresh financial start by contacting us at 727-258-4999 for a free 30-minute consultation to learn whether or not bankruptcy is right for you and your family.

Don’t let the stress of financial problems ruin your health.  You owe it to you and your family to learn more about your rights to bankruptcy.

This was an article from the New York Times 10/31/2011.

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