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Personal Bankruptcy Filings Rising Fast

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posted on Jan, 6 2010 @ 09:54 AM
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Overall, personal bankruptcy filings hit 1.41 million last year, up 32% from 2008, according to the National Bankruptcy Research Center, which compiles and analyzes bankruptcy data. It is the highest level of consumer-bankruptcy fillings since 2005. Consumers rushed to file in 2005 before the new bankruptcy laws took effect in October of that year.

Chapter 7 filings were up more than 42% as of November 2009, compared with the same period a year earlier, according to the research center. November is the most recent month with analyzed data available. Chapter 13 filings rose by 12% and made up less than a third of 2009 filings as of November.

(read full article here)
online.wsj.com...

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Don't I recall the MSM saying that we are in a 'recovery.'




posted on Jan, 6 2010 @ 06:41 PM
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We are not in a recovery everything is still going down. I think i heard somewhere that some of the unemploment figures were forged to make it seem like were recovering. Im not surprised at the number of bankruptcys filed last year it was a hard year and this 1 is not going to be any better stuff is just getting worse as we go along.



posted on Jan, 6 2010 @ 06:52 PM
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Sounds about right to me. We're just starting this depression. The recovery idea is absolute nonsense. All you have to do is visit a city like Detroit with ~50% unemployment to realize that we're long from any type of recovery. Sadly, most are quite a sleep around my area. Texas is one of the least hit states, yet it's actually starting to be noticeable as of late.



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