Contractors that perform work on your home can often have what is known as a mechanics' lien on the property. Imagine a contractor who does substantial work to renovate a homeowner's kitchen. This contractor might require some payment up front and take the rest of the payment later. But if the homeowner never pays, the contractor simply can't repossess the goods he or she sold. They have been customized and installed in the home.
How are contractor liens impacted by bankruptcy?
Increased lending trends cause of concern
The Financial Times recently reported a rising trend in credit card and revolving account lending in the United States, something that experts say is concerning because of the current economic and political environment in the country. Some economic experts believe that the increased lending could create future issues for banks, and borrowing repeatedly in a questionable economy can certainly create stability issues for individuals and families.
