Recovery Summer next right. Green shoots on 1 mile off exit.
Posted on 07/05/2010 10:15:43 AM PDT by Son House
The number of filings rose to 770,117 from 675,351 a year earlier, the group said, citing data from the National Bankruptcy Research Center.
Sam Gerdano, the ABI's executive director, said the increase stemmed from years of rising consumer debt levels and low savings rates, together with high unemployment and the nation's housing difficulties.
Though consumer filings dropped 8 percent in June from May to 126,270, Gerdano projected there will be more than 1.6 million new bankruptcy filings in all of 2010.
The U.S. Labor Department earlier said U.S. nonfarm payrolls fell 125,000 in June, the largest drop since October. An increase of 83,000 jobs at private businesses was more than offset by layoffs of 225,000 temporary census workers. The unemployment rate was 9.5 percent.
Experts say bankruptcies typically peak in an economic cycle between six and 18 months after an economy bottoms out. They say this is in part because many people seek court protection only after pursuing other means to cut debt.
(Excerpt) Read more at foxbusiness.com ...
Actually the folks that won't get paid for their work is just grown to a guaranteed 14% more, let alone to how much that amounts to in cash.
And having 2 brothers that filed for bankruptcy, I have the pleasure of reminding them they still owe that money. Here's where I best let some more enlightened Freepers chime in.
Yes, had a friend file for bankruptcy recently. Have a whole host of other business people just trying to hold onto the business they have.
Obama is my shepherd
We are in want
He maketh us to lie
Down on the park benches
He leadeth us beside the still factories
He disturbeth our soul
He leadeth us in the path of destruction for his party’s sake
Yea, though we walk through the valley of depression
We anticipate no recovery for those who are with us
Thy politicians and diplomats frighten us
Thou preparest a reduction of out salary in the presence of our enemies
Our expenses runneth over
Surely poverty and unemployment will follow us
And we shall dwell in mortgaged homes forever.
For all the talk about how greedy Republicans(not to be confused with conservatives or Freeps) are, they sure aren’t alot here on the Business/Economy threads, but you can sure learn a lot there, so I’ll provide one of my favorite stops as I ponder how much to send for the Freep-a-thon and a thanks to those who provide insight to the bottom line of each article posted.
http://www.freerepublic.com/tag/business-news/index threads.
FR delivers a BIG bang for the buck!!
or send your checks or money orders to:
Free Republic, LLC
PO Box 9771
Fresno, CA 93794
“Experts say bankruptcies typically peak in an economic cycle between six and 18 months after an economy bottoms out.”
I can’t figure this one out. Are they putting a positive spin on this saying that the economy has long since bottomed out?
To me, this is disturbing because the economy has not bottomed out.
Yep, I’d agree with your analysis, I can’t see any trend upward, and what is it they say about the stock market, some thing like; it takes more that one quarter to show a trend,
Though Democrats and there supporters would have you think a one week gain is a trend, if it’s in the positive direction, of course negative market direction to them is explained away to ignored completely
Legally, no, unless they filed for Chapter 13, in which they only own a portion.
Morally, maybe, but then again, charging usurious rates (which the banks do quite gleefully) isn't exactly moral, now is it?
My neighbor is a bancruptcy attorney and is working 70-80 hour weeks. Never been busier.
As fro my bro’s, no one was cheating them without their consent.
As for the banks, if folks would just look over their mortgage statement for the amount of principle vs. the amount of interest being paid, some of them would be quite sick, and maybe even more motivated to pay down that principle faster
We are going down the tubes as long as the blithering bozo is in the WH.
I am so tired of people wagging their fingers in our faces and scolding us for not saving enough. It’s very difficult to save when you are taxed to death and the currency’s value is destroyed by inflation.
Go suck a toad, you government types, egghead professors, and old coots who are collecting far more in benefits than you ever paid in!
why pay for a second mortgage when it can be stripped off?
why pay for credit cards when they can be zeroed out?
why do these consolodation scams which are often run by the credit card companies?
It is a constant battle to put by an occasional dollar. The “deadweight” of increasing taxes makes it worse.
Nothing is more dangerous than polititians without more taxpayer’s money to spend.
(I impressed myself, I’m going to make that my new tagline.)
Thanks Son House. Glad to know I have options. ;’)
It's unsustainable and each day it shall be harder and harder to prop up.
saving money = going galt
no transactions = no tax collection = going galt
no tax collection = no government contracts = no campaign contributions (bribes)
no campaign contributions = NO POWER = no votes for the politician
no votes for the politician = galt wins.
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