Personal Bankruptcies Begin To Soar Again
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2009-07-17 — mybudget360.com
``Bankruptcy data usually lags 3 or 4 months but the trend is ominous. For the last 12 months some 1.2 million bankruptcy filings have occurred. Much of this is linked to the 26,000,000 unemployed or underemployed Americans being unable to pay their bills or even service their debt. What is more telling is the amount of Chapter 7 bankruptcies occurring since these are straight liquidations and not like a Chapter 13 restructuring.''
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MortgageDrummer at 11:40 2009-07-17 said:
Please understand that when a person was forced to file bankruptcy in the past his home had value. He was able to restructure his debt and save his home. Today, your home has no value so you have nothing to loose hence the Chapter 7. All the numbers point to personal bankruptcy is up!!!! Everyone is loosing everything! Not just their dignity but their sanity too!! Now, do you want to keep telling us that the US banks are strong and the wallstreet #'s are up. . . and yada yada yada. . .. I don't know about you but us small players in the market lost 1/2 of retirement, 401k's and are now living on savings. We have lost our savings, our business, our jobs, our homes and on and on and on and on "BUT THE DOW WAS UP TODAY?". . . [size=24:d53825c8b1][/size:d53825c8b1] Permalinkadd a comment | go to forum thread
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