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53 August 2025 J O U R N A L themortgagepoint.com August 2025 » The price hikes come as the insurer anticipates more extreme weather, rising repair costs from inflation, and addition- al expenses related to Trump adminis- tration-imposed tariffs. The company claims that for every dollar in premiums collected, it paid out $1.26 in total costs. "In Illinois alone last year, we paid out more than $638 million in hail dam- age claims," State Farm spokesperson Gina Morss-Fischer said in an interview with ABC News. "That was second only to the state of Texas, so these changes are taking effect today for new policies and for existing policies on August 15." BANKRUPTCY FILINGS ON THE RISE IN '25 A ccording to data given by Epiq AACER, a new Yahoo.com report revealed the number of bankruptcy files during the first half of 2025 was 276,126, which represents a 10% rise over the 251,069 total filings during the same period last year. The total number of individual sub- missions increased by 11%, from 235,849 filings in the first half of 2024 to 260,938 filings in the first half of 2025. Compared to 141,566 Chapter 7 filings in the first half of 2024, the number of individual Chapter 7 filings increased by 15% to 163,219 in the first half of 2025. Compared to the 93,870 filings made during the same period in 2024, there were 97,125 individual Chapter 13s filed in the first half of 2025, an approx- imately 3% increase. "Elevated prices, increased borrowing costs and uncertain geopolitical events continue to add to the growing debt loads shouldered by financially distressed families and small businesses," said ABI Executive Director Amy Quackenboss. "ABI looks forward to providing Congress with research, information, and statistics to re-establish higher debt thresholds for Subchapter V and Chapter 13 to provide greater access for struggling small busi- nesses and consumers to reorganize their finances." Total Bankruptcy Filings — First Half of 2025 (National) The overall number of commercial files for the first half of 2025 was 15,188, which is a minor drop from the 15,220 total for the first half of 2024. Compared to the 4,205 commercial Chapter 11 bank- ruptcies filed in the same period in 2024, there were 3,576 filed in the first half of 2025, a 15% decline. "The strong 15% increase in individual Chapter 7 bankruptcy filings underscores the growing financial pressure facing American households," said Michael Hunter, VP of Epiq AACER. "Elevated interest rates, record-high credit card and household debt, and the resumption of student loan repayments and collections are all contributing factors driving more individuals to seek bankruptcy protection." The number of small business fil- ings, which are recorded as subchapter V elections under Chapter 11, decreased by 4% to 1,183 in the first half of 2025 from 1,234 in 2024. While commercial file categories decreased, total and consumer bank- ruptcy filings rose between June 2025 and June 2024. In June 2025, there were 46,226 filings overall, which is 15% more than the 40,293 filed in 2024. In June 2025, the total number of individual filings increased by 16%, from 37,512 to 43,655. In June 2025, there were 27,219 individual Chapter 7 filings, up 23% from 22,183 in June 2024, and 16,316 individual Chapter 13 filings, up 7% from 15,232 in June 2024. In June 2025, there were 2,571 com- mercial registrations, which was an 8% reduction from the 2,781 commercial applications that were made in June 2024. Compared to the 996 files in June 2024, there were 622 commercial Chapter 11 filings in June, a 38% decline. Between June 2024 and June 2025, the number of subchapter V elections in Chapter 11 decreased by 23%, from 277 to 214. "As of April 2025, the student loan delinquency rate has more than tripled compared to pre-pandemic levels," Hunt- er added. "With collections resuming this year and nearly 9 million loans currently delinquent, we anticipate the upward trend in individual filings to continue." HUD ANNOUNCES FORECLOSURE RELIEF FOR IMPACTED TEXANS I n the areas of Kerr County, Texas, devastated by ongoing severe storms, straight-line winds, and flooding that started on July 2, 2025, Secretary Scott Turner of the U.S. Department of Housing and Urban Development (HUD) an- nounced a 90-day foreclosure moratorium on single-family mortgages insured by the Federal Housing Administration (FHA). "Our hearts break as we witness the catastrophe unfolding in Texas," said HUD Secretary Scott Turner. "The flash floods have claimed the lives of more than 100 Americans and displaced countless others. It is an unfathomable tragedy, and HUD will continue to provide resources and support as we pray for the Texas Hill Country community." YOUR NORTH TEXAS REO CONNECTION 2010 N. Hampton Road, Suite 300 Desoto, Texas 75115 (214) 799-0019 RealtorKeithStone.com info@realtorkeithstone.com • Active on all major REO platforms • Cash for Keys • BPOs • Same day rekeys • Proven track record of handling multiple listings.