AP: 2009 bankruptcies total 1.4 million, up 32 pct

[The Northerner]

RALEIGH, N.C. (AP) -- U.S. consumers and businesses are filing for bankruptcy at a pace that made 2009 the seventh-worst year on record, with more than 1.4 million petitions submitted, an Associated Press tally showed Monday.

The AP gathered data from the nation's 90 bankruptcy districts and found 1.43 million filings, an increase of 32 percent from 2008. There were 116,000 recorded bankruptcies in December, up 22 percent from the same month a year before.

While experts believe some of the increase is due to a natural recovery as consumers and attorneys become accustomed to a recent overhaul of bankruptcy laws, the numbers indicate clear correlations to recession-weary regions. Arizona saw the fastest increase, a jump of 77 percent from the year before, followed by Wyoming (60 percent), Nevada (59 percent) and California (58 percent).

...

There's also no sign that things are slowing down. Harmon said bankruptcies have been coming in waves, first with those 18 months ago who had adjustable-rate mortages, then with those who lost their jobs due to the housing downturn. Now he's finding wealthy individuals and business owners who have finally succumbed to lower incomes and shrinking home values.

[glitch]

1. Thanks for posting. Here's a link

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/01/04/national/a103457S82.DTL

[tinkerbell41]

2. Count me in!!

Boy oh boy, will the big banks be surprised. I've been on mortgage modification forums since May.
It seems everyone trying to do a mod is waiting to file BK when the modification is finalized.
I filed a week ago, finalized my mod Dec 1st. Ive been on unemployment for 16 mos, have next to no equity in my home, (falling values) it's the perfect time to do it. They can't touch me.
I looked for a part time job to pay it down, but why??? With the shit the banks have pulled I feel no remorse, no shame. I have never felt more happy, and free. I will never, have another card as long as I live. I received a letter from my Chase card, telling me they were here to help and I would be treated with respect, and NOW more than ever it's important to have a good credit rating.
I smelled bullshit, it doesn't work anymore, gambling against people making their mortgage payments, causing prices to rocket and crash, jacking up rates before the new regs. go into effect, changing terms, SCREW YOU!! Because you cut the credit lines, I can't work, (construction) because you qualified people for loans they couldn't afford I have nothing to take. So, the new BK laws you lobbied for are utterly useless against me now.HA HA HA !!!!!! You FUCKED UP!