Posted on 10/03/2009 4:59:41 AM PDT by reaganaut1
Consumer bankruptcies topped one million for the first nine months of this year, the highest point since the system was overhauled in 2005.
The number of personal bankruptcy filings for the nine months rose to 1,046,449 as of Sept. 30, the American Bankruptcy Institute, an organization made up of attorneys, accountants and other bankruptcy professionals, said Friday, using data from the National Bankruptcy Research Center. There were 773,810 personal bankruptcy filings for the same time period in 2008.
September's filings reached 124,790, 41% higher than the same month last year.
The 2005 revamp was intended to make it harder for Americans to shed their debts by filing for bankruptcy. In that year, before the law took effect, there were 1.35 million bankruptcy filings in the first nine months.
But a tough economic climate has sent filings soaring again and ABI expects personal bankruptcies to exceed 1.4 million by the end of the year.
(Excerpt) Read more at online.wsj.com ...
They won’t because the richest people in Congress are Democrats.
Oh and judging from many people on FR there isn’t a problem with the economy. People just spent too much on their credit cards and are deadbeats.
When no one will loan them any more to buy paper to print the dollar on.
Green shoots?
wassa matta?
webe spreddin wealf roun.
gimme 5 dollah.
I could write an entire essay on this one. It is becoming obvious that those with a vested interest are spreading disinformation in a feeble attempt to prop up what is obviously a complete facade of an economy. Underlying that premise, we are being taxed into oblivion to provide money for politicians to buy votes to keep themselves in power while they and their minions avoid the very taxation they place on us. The fraud is so big that a description of it would outstrip War and Peace in length.
You’ve nailed it.
i havent had the time to do it, but if we were to lay all the important economic indicators side by side with those of the depression....how would they stack up?
intuitively it seems like we are nearing similar situations but they seem to have more mechanisms in place to prop our enconomy up. i swear if there were an election and the dems lost control, they would let it all fall apart in a hurry.
I strongly suspect that with the advent of electronic banking, even a lack of paper and ink wouldn't stop them. LoL hysterically
see?! everyone is declaring bankruptcy due to healthcare costs!(sarc)
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