2009 Bankruptcy Default 
Your Virtual Credit Manager
FEBRUARY 13, 2024
After, the Great Recession of 2008, commercial bankruptcies peaked in 2009 and did not drop below pre-recession levels until 2012. Department of Justice projects a substantial increase in bankruptcy filings. Trustee Program has estimated that bankruptcy filings will double over the next three years.
CreditStrong for Business
OCTOBER 24, 2024
However, in 2009 legislators passed the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act), which might make qualifying more challenging. In the event of a default on a secured loan, the lender will take possession of the collateral asset based on a legal right or claim known as a lien.
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