NYT: Filings for Bankruptcy Up 18% in February

[El Pinko]

http://www.nytimes.com/2008/03/05/business/05bankruptcy.html?_r=2&ref=business&oref=slogin&oref=slogin


Filings for Bankruptcy Up 18% in February


By JENNY ANDERSON
Published: March 5, 2008

Americans filed for bankruptcy in growing numbers in February, buckling under the combined weight of rising energy prices, a weakening housing market and sky-high personal debts.

An average of 3,960 bankruptcy petitions were filed per day nationwide last month, up 18 percent from January and up 28 percent from a year earlier, according to Automated Access to Court Electronic Records, a bankruptcy data and management company.

February was the busiest month for filings since Congress overhauled the bankruptcy law in 2005. Bankruptcy experts said the rise was particularly worrisome because those changes made filing for bankruptcy more complicated and expensive.

“This number of bankruptcies may be under-representative of the true financial distress consumers are feeling because of the steps Congress has taken,” said Jack Williams, a scholar in residence at the American Bankruptcy Institute and a professor at Georgia State University.

[SpiralHawk]

1. Thanks a pantload, Commander AWOL & corrupt republicon cronies

This is the republicon recession...and Americans know it...

[ixion]

2. And it's just getting started, I'm sad to say

:(

[RebelOne]

3. I had to file a Chapter 13 bankruptcy last year. n/t

[Jeffersons Ghost]

4. K&R! Who does this "overhaul" serve?...

"Congress overhauled the bankruptcy law in 2005. Bankruptcy experts said the rise was particularly worrisome because those changes made filing for bankruptcy more complicated and expensive."

[ljm2002]

5. Mostly, the overhaul serves the credit card companies...

...making it harder for people to get out from under.

Quelle surprise.