reuters.com — First time that personal filings have topped 100,000 in a month since the U.S. Bankruptcy Abuse Prevention Act took effect. So far this year, consumers have filed more than 880,000 bankruptcy petitions, eclipsing 822,000, the total for all of last year. "Things will only get worse," said Jack Williams, American Bankruptcy Institute
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barackalypseNov 6, 2008
Operation "Give Obama a good excuse" is in full swing, these events will let Obama off the hook for his crappy economic policies for years!
Closed AccountNov 6, 2008
Bankruptcy will always occur...blaming the govt because you dont didnt save or do not have health insurance is gonna help your cause so cut it out. That menatlity leads to a welfare mindset and state......But i guess thats what America has become?
toomuchsunNov 6, 2008
Why aren't the big corporations being apportioned more blame for this? You can blame Bush all you want for rising unemployment and foreclosures, but over the last fifteen years, companies have contributed to this problem by giving out stingy raises to the rank and file, being reluctant to hire, and anxious to downsize/fire.
hilseeNov 6, 2008
Thank you, thank you.
Closed AccountNov 6, 2008
This is true. It's a shining example of a failed transition from a manufacturing economy to a service-based economy. When 60% of GDP (<a class="user" href="http://seekingalpha.com/article/19525-gdp-report-shows-u-s-economy-continues-to-be-driven-by-consumer-spending)">http://seekingalpha.com/article/19525-gdp-report-s ...</a> is on the shoulders of consumers, and consumers "lose confidence" (i.e. lose access to cheap debt and jobs), the economy tanks. Global corporations have helped fuel this transition in their never ending quests for profit. By exporting manufacturing jobs to third world countries where wages are low and regulations are nonexistent (Mexico etc.), they have only crippled the American worker and contributed to the current recession. NAFTA and other programs ensure that these programs will continue unabated and remain profitable for the companies that take advantage of it. Don't even get me started about China.
randumbusernameNov 6, 2008
thankfully congress feels obligated to re inflate the negative net worth bubble.
bobb100Apr 26, 2010
I don't necessarily think that higher bankruptcy rates are a bad thing. Sure, the companies involved will never earn repayment, but for the average family with a real struggle, the ability to file for Chapter 7 without being confused with or labeled as a person trying to "work the system" is a good thing. And isn't that what the new laws were all about - protecting the system?<a class="user" href="http://www.minnesotasbankruptcylawyer.com/" rel="nofollow">http://www.minnesotasbankruptcylawyer.com/</a>