U.S. bankruptcy filings up 37% last month

[marmar]

U.S. bankruptcy filings up 37% last month
By Péralte C. Paul

The Atlanta Journal-Constitution

Tuesday, June 02, 2009


U.S. consumer bankruptcy filings soared 37 percent in May compared with the same period last year, according to figures released Tuesday by the American Bankruptcy Institute.

The figures, using data compiled by the National Bankruptcy Research Center, show total filings in May were 124,838, up from 91,214 recorded in May 2008.

Last year’s figure was a jump of nearly 30 percent from 2007.

At that pace, the ABI expects more than 1 million will seek bankruptcy protection by December.

The trend is being fueled by the economy as companies shed employees, who in turn fall into financial straits, unable to pay their bills.

“As consumers continue to face increasing levels of unemployment and rising foreclosure rates, bankruptcy filings will continue to accelerate as families seek financial relief from the tough economic climate,” Samuel J. Gerdano, the ABI’s executive director, said in a statement. “We predict more than 1.4 million new bankruptcies by year end.” ............(more)

The complete piece is at: http://www.ajc.com/business/content/business/stories/2009/06/02/bankruptcy_filings_rise.html

[OKNancy]

1. depressing

I keep wondering....

[AllentownJake]

2. Remember this is with the tougher to file laws they enacted...oh right before the crisis

Imagine what it would be if we had the old bankruptcy system. Thank God our congress saved us and we all enjoyed the lower interest rates that were promised by the law

:sarcasm:

Seriously the banks new this was coming. The destruction and sale of America continues.

[Liberal_in_LA]

8. Yep, this is AFTER the law that makes it harder for the lil person to file

[Greyhound]

10. Of course they did, that's why it's known as the "Credit Card Banking Protection Act",

And look who gave it to us...
:eyes:

[jtrockville]

3. I wonder how many of these are military families.

I'll never forgive senator Mikulski for voting against the amendment to grant exceptions to the families of deployed troops.

[marmar]

4. "Ma Kettle" Mikulski voted against it?

n/t

[jtrockville]

6. Ah, my bad. She voted for the amendment, which was defeated,

And she voted against the bill.

For those interested in checking your senator's vote, here's the roll call for the amendment:
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=109&session=1&vote=00013

And the roll call for the bill
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=109&session=1&vote=00044

I don't know how anyone could call themselves a patriot while voting "nay" for the amendment. 58 members of the 109th congress sold out our military families.

[femrap]

7. And remember that some of the law

makers wanted to exclude those people who went into bankruptcy due to Medical Bills and it was VOTED DOWN. I will never forget that...just like I won't forget Glass-Steagal being voted as 'obsolete' in 1999.

I guess I should have known in 2005 that we were toast...instead I worked my ass off to get Dems in office in 2006 thinking we'd get W and the Shooter impeached....hahahaha

Joke is on me.

And now the new prez....beyond disappointment. I'm just glad I didn't go door to door for this one.

WASF.

[xchrom]

5. recommend -- the hits just keep on comin. nt

[taught_me_patience]

9. Is this part of the "green shoots"?

Green shits is more like it...

[Greyhound]

11. K&R. Yet another issue where Dennis Kucinich was right while the party fucked us. n/t

[chill_wind]

12. kick