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Bankruptcy increasing in USA
Wednesday August 19, 2009
It was the worst of times and apparently still is, as the U.S. Courts confirmed that the 1,306,315 bankruptcy filings during the 12-month period ending June 30, 2009, represented a 35 percent increase compared to the 967,831 cases filed during the same period last year.
Of the total 1,306,315 bankruptcy cases filed, 1,251,294 were non-business related filings, up 34 percent from the 934,009 non-business filings for June 30, 2008. Business filings totaled 55,021, up a recession-driven 63 percent from the 33,822 business filings reported in June 30, 2008.
Bankruptcy by the Chapter: All bankruptcy chapters saw increased filings during the 12-month period ending June 30, 2009:
Chapter 7 (liquidations) filings totaled 907,603, up 47 percent from the 615,748 Chapter 7 filings in the 12-month period ending June 30, 2008.
Remarks: This is mostly due to; too much indulgence in shares market Gambling!
Chapter 13 (individuals) filings totaled 384,187, up 12 percent from the 344,421 filings in the same time period in June 2008.
Remarks: This is mostly due to; too much indulgence in shares market Gambling!
Chapter 11 (corporate reorganization) filings totaled 13,951, up 91 percent from the 7,293 filings during the 12-month period ending June 30, 2008.
Remarks: This is mostly due to; too much indulgence in shares market Gambling!
Chapter 12 (family farmer or fisherman) filings rose 34 percent to 422, from the 314 Chapter 12 bankruptcies filed as of June 30, 2008.
Remarks: These are the people who keep from shares market and so the number is low.
Driven by the recession, bankruptcy filings have increased steadily since passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) in 2005. Over the first 12 months following the enactment of the BAPCPA, bankruptcy filings plunged to only 617,660.
Comments of US Citizen
Carmen says:
Remember the saying The Rich get Richer and the Poor gets Poorer? Well, this is truly the case at this time. It’s terribly sad. There is no protection for the consumer. No great jobs anymore even with a college education. And now you have to wait up to 10 years to really get something off your credit by than your dead and or to old to even care. This law (BAPCPA) is a bunch of CRAP as is the situation with GAS. The war is STUPID. I am saying this because our country needs some serious help. The country is depressed and again this is sad. All on the TV are commercials on the people that are depressed. Today on the news it was said that married people are not as depressed. In a communist country if you have ever noticed most people are coupled off to mask the realistic drowning of that country. Where are we headed as country? Think about it, It’s Darn scary. By the way by the time the war is so call done, half of our young will be dead and or maimed physically and mentally. We are so in Trouble when the country will not take care of it’s own. Again, very SAD…Also Why is it our country can’t get rid of Drugs. Everything that benefits us as consumer’s if you haven’t noticed has been reduced or taken away. SHAME, SHAME, SHAME…Over the years I have seen so much as the rest of US has. Get rid of making home buying easier and make for sure that the credit everyone works there tail off for means nothing in the end. Did you know that the lenders think that they are god? Did you know that they have even a high credit score now is not high enough. I will say this; if we as consumers don’t start doing something to defend ourselves we might as well be the cavemen because this is where we’re headed. By the way, I am in love with our country I just hate the way it’s being subjected to some of the most horrible new laws still in favor of the rich. Did you know that our country helps people that come here from other countries to buy the homes that we dream of and they give them our tax dollars to do it with? As an incentive to come here. In the meantime the ones with birth certificates that live here are being deleted. People who murder other people get more of chance to get back on their feet than we do. They are given second chances even. But, if we have had truly hardship no more chances. Just every 10 years we can clear our credit, maybe. This just stinks. By the way, I have never had to file a bankruptcy, I feel very sad for the people that need to do this to get back on theirs. And don’t they, the lenders write off the bad debt. They are lazy and don’t want to do the paperwork. So, God, the lenders, decide how we die, how we live!!
I have given here an excerpt from US government bulletin including the comment with net links intact.
This is the present position of US citizens due to excessive indulgence in the speculative shares market. The whirlpool effect is making them divert their vital finance to speculations in that market; with an expectation of quick rich most of them become quick poor! As a result they can not pay for the installments of their loans; turning them to bankruptcy! Total involvement runs in billions of Dollars. One experts suggested that at this rate within coming decade US will be a poor country. He said at present US is basking in the past glory of that “Super power US” but it shall not last for long.
Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) in 2005, this law was designed to refuse legally, help to deserving poor and middle class US citizens! This is by far the most notorious act passed by the Congress in recent times. This is a typical American style of handling their problems; if government wants to save its skin it makes such laws and skips the responsibility. Americans do everything LEGALLY!! Our government is learning these nasty tricks from the USA, BEWARE!
Indians are by far still better off since we are yet not indulging in that gamble of shares market. Our government wants Indians to take to gambling in shares market but our life philosophy is against that and so most of us are safe. Both Muslim and Hindu religions are against any type of gambling. Imitating anything American, presuming that they are superior and all best, we shall get into the same type of trouble soon. So friends beware of the danger called USA!
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