From January to August, national bankruptcy filings reached 954,911, up from 703,732 in the same period of 2008, according to Automated Access to Court Electronic Records. In August, filings were up 22% compared with August 2008.
It is likely that filings will total 1.45 million this year, says Robert Lawless, professor of law at the University of Illinois.
After the bankruptcy law changed in 2005, filings had slowed.
"But we're now heading back close to where they were before the law was enacted," Lawless says. "It's not surprising, because the 2005 law did nothing to change the underlying economic reality of why people file for bankruptcy."
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I heard even if you file , you can still live large, and get more loans, and continue a decadent lifestyle. there is something seriously twisted about the whole process.. and the ones who save have to pay for this behaviour.very annoying.
ReplyDeletePerhaps those cornocopian conspiracy buffs who emotionally argue past the facts with regards to peak oil will take a serious look at this article now that you have linked it.
ReplyDeleteIf I ever borrow money from a friend, I always pay it back, people do not grasp this basic concept. Now I have to support their actions, financially.super! they all need to be rounded up and sent to boot camp. Pay your bills,uggh.
ReplyDeleteThat is the intent, according to some, isn't it? So you're right in line with the nazi negligee wearing fascist bankster overlords.
ReplyDeleteDepression is coming, the end is coming and bla bla bla...people this is simple, either you move with the wave or against it. The move now is borrow as much as you can and live life at large and let other people like most of you here pay for it. Decide which side you want to be on; those that live their lives to the fullest or those that worry a lot and save money to pay for your debt and start turning bold for worrying too much and worry again and again.....I have made my choice, have you?
ReplyDeleteThey will come after you. There's no freedom in that. I will do the right thing, that brings the most freedom.
ReplyDeleteI completely agree with 8:48pm. I doubt there will be anybody coming after 7:40 as there are to many of them. But there is no freedom in what 7:40 is proposing. An immoral loser, to assume his way is some how carefree and "living to the fullest". Yea keep telling yourself that, it last a while but not forever. I am in control of my destiny, you are not. Your living your life on someone else's terms. I have scene what ignorance does to people and families. I hope you don't have any dependents with your "screw the man" mentality. If so they will be the real victims.
ReplyDeleteThis video ticks me off. "Debtor's Revolt" my arse. She's nothing but a freeloader. She's not taking any responsibility for her own part in her problem. Oh, it's all the bank's fault; so "I'm gonna show them!" Yeah right; if she were the least bit honest--with herself or anyone else--she would admit that carrying a balance means she CAN'T pay off her debt; therefore, she is a freeloader making excuses. The free lunch is over, honey. Wake up and smell the coffee. You're being informed that your freeloading days are OVER. She should pay off her credit card and cancel it; then learn not to use credit cards at all. When the American people learn that very simple lesson, then the Banks will suffer. All the rest is spittin' into the wind.
ReplyDeleteI agree with 6:36. The opposite needs to be done, save and pay off your credit cards.
ReplyDeleteSavings in dollars will be wiped out. Yes, get rid of credit card debt because it is variable; only retain FIXED interest debt, that will be wiped clean via the super inflation. Those with the means and the balls go buy a McMansion on a fixed mortgage, with pre-payoff clause, and pay it off down the road with precious metals for near nothing.
ReplyDeleteYou will still need PMs for the inflationary taxes and soaring energy pricing.
I am buying a two million dollar discounted home and plan on having it completely paid off in the next two-three years for about $10k in silver at today's pricing. Buying land also at fixed rates.
Gambling rocks! Talk the talk, walk the walk. You know what is coming. Benefit from it. There were a couple brothers in Argentina that did it and now a living the high life. Plus another couple in Zimbabwe who own a string of mansions now. You can get RICH RICH RICH! Don't sit and whine! Benefit.
Oh I love it. Don't be a free loader. Save and pay off your debts so you are not a burden to society. But by all means go out and buy a MCMANSION because we all know Mcmansions are not burdens on society. Electricity is not the number one polluter or anything. And just because you have money to your name does entitle you to wastefully consume and spend.
ReplyDeleteClearly Banks are still loaning to reckless individuals. They still have an upscale house, expensive cars, money to go shopping etc. who is giving the green light to these banks to give away our tax money, and why arent they collecting the money that is owed by repo, paychecks, etc.. It boggles the mind.
ReplyDeletePay your bills, get out of debt, raise animals and live off the seeds you plant in the soil. I pulled my family out of our suburban dwelling consumerist lifestyle in 2004 and moved to a 60 acre ranch. We are completely out of debt and enjoy this new self sustaining lifestyle.
ReplyDelete