Bankruptcies Break Record~~~~Again!

[Jacobin]

Ranking by state. Households per filing:

www.abiworld.org/statcharts/HouseRank.htm


Over 1,600,000 personal bankruptcies in the last 12 months

http://www.abiworld.org/Template.cfm?Section=Annual_U_S_Filings&Template=/TaggedPage/TaggedPageDisplay.cfm&TPLID=62&ContentID=3256

Exactly which corner are we turning?

[RaleighNCDUer]

1. Like I've said before...

Record new home ownership + record refinincing of home loans + negative net job growth = up to our asses in debt. No one holds any equity anymore and even a small financial crisis (layoff or healthcare) will bankrupt middle america.

If a person is a new homeowner with a $130,000 house, he doesn't own a $130,000 house. He owns a $130,000 debt.

Low interest rates and favorable financing lured a lot of people into situations they are not financially ready for.

[F.Gordon]

2. Has doubled from numbers 10 years ago

After peaking at 1,423,128 in 1998....

1999: 1,419,199
2000: 1,301,265
2001: 1,307,857
2002: 1,504,806
2003: 1,611,268
2004: 1,654,841

Bankruptcy rates increased under Clinton as well, but we really did turn the corner and start to lower the rate....

[jbutsz]

3. It would be over 1,600,001..

If I could afford to go bankrupt.

[cthrumatrix]

4. the corner has now "turned"