Author Topic: Sharp Increase in March in Personal Bankruptcies (More than the "jobs" number)  (Read 461 times)

Soul Crusher

  • Competitors
  • Getbig V
  • *****
  • Posts: 39256
  • Doesnt lie about lifting.
Sharp Increase in March in Personal Bankruptcies
New York Times ^ | April 1, 2010 | Duff WIlson

________________________ ________________________ _______________________


More Americans filed for bankruptcy protection in March than during any month since the federal personal bankruptcy law was tightened in October 2005, a new report says, a result of high unemployment and the housing crash.

Federal courts reported over 158,000 bankruptcy filings in March, or 6,900 a day, a rise of 35 percent from February, according to a report to be released on Friday by Automated Access to Court Electronic Records, a data collection company known as Aacer. Filings were up 19 percent over March 2009. The previous record over the last five years was 133,000 in October.

“Even with the restrictive new law, we’re back up over where we were before the law changed,” Mike Bickford, president of Aacer, said in a phone interview Thursday from his headquarters in Oklahoma City. He faulted the stagnant economy, saying a surge in bankruptcies generally follows economic contraction by 6 to 18 months, and he pointed to March as a historically busy month for bankruptcy filings.

*SNIP*

“Fewer people are trying to save their homes,” Katherine M. Porter, a University of Iowa law professor and bankruptcy expert, said in an interview by phone on Thursday. “They realize their payments are not affordable, and bankruptcy judges do not have the power to adjust the mortgages to make them more affordable.”

Statistics from the United States Trustee Program, the Justice Department office that oversees bankruptcy cases, show that Chapter 7 filings as a percentage of all bankruptcies have increased to about 73 percent in 2009 from about 62 percent in 2006-07. Of the 158,141 bankruptcy filings in March, 118,505, or 75 percent, were Chapter 7s and 38,241 were Chapter 13s, the Aacer report says.


(Excerpt) Read more at nytimes.com ...

________________________ ________________________ ___________________

This is the real info you need people need to read about, not the bogu bs coming from the bls.  

Soul Crusher

  • Competitors
  • Getbig V
  • *****
  • Posts: 39256
  • Doesnt lie about lifting.
So if we take out the Census jobs since those are bogus anyway, more people went bankrupt than got jobs in March 2010. 

Spin that Benny & TA. 


drkaje

  • Getbig V
  • *****
  • Posts: 18188
  • Quiet, Err. I'm transmitting rage.
So if we take out the Census jobs since those are bogus anyway, more people went bankrupt than got jobs in March 2010. 

Spin that Benny & TA. 



It sucks that those people weren't Too big to fail eligible for bailouts. They'll have crap credit for years but the banks, AIG, and every other douchebag or foreign country we piss money away at will be fine.

Soul Crusher

  • Competitors
  • Getbig V
  • *****
  • Posts: 39256
  • Doesnt lie about lifting.
So if more people declared bankrupcty last month than were hired for jobs, is TA & Benny justified in doing their lambada dance with each other? 

drkaje

  • Getbig V
  • *****
  • Posts: 18188
  • Quiet, Err. I'm transmitting rage.
So if more people declared bankrupcty last month than were hired for jobs, is TA & Benny justified in doing their lambada dance with each other? 

TA would dance anyways. He's read some stuff on-line and thinks Socialism is a good thing. :)

Soul Crusher

  • Competitors
  • Getbig V
  • *****
  • Posts: 39256
  • Doesnt lie about lifting.
I'm still waiting for the cheerleaders to explain this one to me. 


drkaje

  • Getbig V
  • *****
  • Posts: 18188
  • Quiet, Err. I'm transmitting rage.
I'm still waiting for the cheerleaders to explain this one to me. 



Maybe no jobs is a good thing, 33. :)

Bindare_Dundat

  • Getbig V
  • *****
  • Posts: 12227
  • KILL CENTRAL BANKS, BUY BITCOIN.
Benny would lick the sweat off Obama's dirty rotten ball sack if he could get close enough. He excuses every decision by Obama no matter how far it gets from his election promises. Fucking dumbass.

Soul Crusher

  • Competitors
  • Getbig V
  • *****
  • Posts: 39256
  • Doesnt lie about lifting.
Benny would lick the sweat off Obama's dirty rotten ball sack if he could get close enough. He excuses every decision by Obama no matter how far it gets from his election promises. Fucking dumbass.

Bindare - correct me if I am wrong - but if more people are going bankrupt than getting hired each month, that does not exactly sound like a real recovery to me. 

Bindare_Dundat

  • Getbig V
  • *****
  • Posts: 12227
  • KILL CENTRAL BANKS, BUY BITCOIN.
Bindare - correct me if I am wrong - but if more people are going bankrupt than getting hired each month, that does not exactly sound like a real recovery to me. 


Its a sure sign that things have been improving. As a matter of fact Im thinking about joining the recovery soon, it sure seems like its working out better than working for a living.

drkaje

  • Getbig V
  • *****
  • Posts: 18188
  • Quiet, Err. I'm transmitting rage.
Benny would lick the sweat off Obama's dirty rotten ball sack if he could get close enough. He excuses every decision by Obama no matter how far it gets from his election promises. Fucking dumbass.

He'd probably throw in some complimentary rimming. :)