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AP: 2009 BANKRUPTCIES UP 32 %

 
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01/04/2010 08:39 PM
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AP: 2009 BANKRUPTCIES UP 32 %
RALEIGH, N.C. U.S. consumers and businesses are filing for bankruptcy at a pace that made 2009 the seventh-worst year on record, with more than 1.4 million petitions submitted, an Associated Press tally showed Monday.

The AP gathered data from the nation's 90 bankruptcy districts and found 1.43 million filings, an increase of 32 percent from 2008. There were 116,000 recorded bankruptcies in December, up 22 percent from the same month a year before.

While experts believe some of the increase is due to a natural recovery as consumers and attorneys become accustomed to a recent overhaul of bankruptcy laws, the numbers indicate clear correlations to recession-weary regions. Arizona saw the fastest increase, a jump of 77 percent from the year before, followed by Wyoming (60 percent), Nevada (59 percent) and California (58 percent).

Emile Harmon, who owns a law firm in Tempe, Ariz., said the firm has doubled its staff to handle the surge in bankruptcy filings. The lawyers have been steadily shifting away from their other areas of business, civil lawsuits and divorce cases.

"Bankruptcy is kind of swallowing the whole practice." Harmon said. "There's little time to do other stuff."

There's also no sign that things are slowing down. Harmon said bankruptcies have been coming in waves, first with those 18 months ago who had adjustable-rate mortages, then with those who lost their jobs due to the housing downturn. Now he's finding wealthy individuals and business owners who have finally succumbed to lower incomes and shrinking home values.

"A lot of the people we see were in a really good financial position two years ago," Harmon said. "People really look at you and say, 'I can't believe I'm here.'"

For three years, filings have been steadily rising back toward levels reached early in the decade before Congress overhauled the nation's bankruptcy laws. The 2005 alterations made bankruptcy filings more cumbersome, a move that followed fears from lenders that some consumers were abusing the system to wipe away debts.

Bankruptcies surged to slightly more than 2 million in 2005 as consumers rushed to file before the new law took effect but then plummeted to 600,000 in 2006. They've been climbing ever since and in 2009 became the seventh-highest year on record, behind only the years 1998 and 2001-2005.

The 2005 spike had been preceded by a steady climb from 1.5 million in 2001 to 1.6 million in 2005.

John Pottow, a bankruptcy professor at the University of Michigan, said the return to the highs of earlier this decade illustrates the failures of the 2005 overhaul bill. He said the measure largely made filings more costly and time-consuming by forcing consumers to undergo a paperwork-heavy test to determine eligibility for Chapter 7 bankruptcy and adding liability for attorneys who provide help.

"It never made sense in the first place that you could change the laws and make all these bankruptcies go away," said Pottow, who would like to see the 2005 law changes repealed. "If people are encountering financial distress, you can only scare them away for so long before they come back again."

While every state saw a rise in bankruptcies, Alaska (up 12 percent), Nebraska (12 percent) and North Dakota (14 percent) performed best.
As a man begins to live more seriously within: He begins to live more seriously without.
Anonymous Coward
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01/04/2010 08:49 PM
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Re: AP: 2009 BANKRUPTCIES UP 32 %
Lagging Indicator yawn
Anonymous Coward
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01/04/2010 08:50 PM
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Re: AP: 2009 BANKRUPTCIES UP 32 %
Dow up 150 tomorrow.
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Re: AP: 2009 BANKRUPTCIES UP 32 %
RALEIGH, N.C. U.S. consumers and businesses are filing for bankruptcy at a pace that made 2009 the seventh-worst year on record, with more than 1.4 million petitions submitted, an Associated Press tally showed Monday.

The AP gathered data from the nation's 90 bankruptcy districts and found 1.43 million filings, an increase of 32 percent from 2008. There were 116,000 recorded bankruptcies in December, up 22 percent from the same month a year before.

While experts believe some of the increase is due to a natural recovery as consumers and attorneys become accustomed to a recent overhaul of bankruptcy laws, the numbers indicate clear correlations to recession-weary regions. Arizona saw the fastest increase, a jump of 77 percent from the year before, followed by Wyoming (60 percent), Nevada (59 percent) and California (58 percent).

Emile Harmon, who owns a law firm in Tempe, Ariz., said the firm has doubled its staff to handle the surge in bankruptcy filings. The lawyers have been steadily shifting away from their other areas of business, civil lawsuits and divorce cases.

"Bankruptcy is kind of swallowing the whole practice." Harmon said. "There's little time to do other stuff."

There's also no sign that things are slowing down. Harmon said bankruptcies have been coming in waves, first with those 18 months ago who had adjustable-rate mortages, then with those who lost their jobs due to the housing downturn. Now he's finding wealthy individuals and business owners who have finally succumbed to lower incomes and shrinking home values.

"A lot of the people we see were in a really good financial position two years ago," Harmon said. "People really look at you and say, 'I can't believe I'm here.'"

For three years, filings have been steadily rising back toward levels reached early in the decade before Congress overhauled the nation's bankruptcy laws. The 2005 alterations made bankruptcy filings more cumbersome, a move that followed fears from lenders that some consumers were abusing the system to wipe away debts.

Bankruptcies surged to slightly more than 2 million in 2005 as consumers rushed to file before the new law took effect but then plummeted to 600,000 in 2006. They've been climbing ever since and in 2009 became the seventh-highest year on record, behind only the years 1998 and 2001-2005.

The 2005 spike had been preceded by a steady climb from 1.5 million in 2001 to 1.6 million in 2005.

John Pottow, a bankruptcy professor at the University of Michigan, said the return to the highs of earlier this decade illustrates the failures of the 2005 overhaul bill. He said the measure largely made filings more costly and time-consuming by forcing consumers to undergo a paperwork-heavy test to determine eligibility for Chapter 7 bankruptcy and adding liability for attorneys who provide help.

"It never made sense in the first place that you could change the laws and make all these bankruptcies go away," said Pottow, who would like to see the 2005 law changes repealed. "If people are encountering financial distress, you can only scare them away for so long before they come back again."

While every state saw a rise in bankruptcies, Alaska (up 12 percent), Nebraska (12 percent) and North Dakota (14 percent) performed best.
 Quoting: Eschatology

ALREADY 2 OTHER THREADS ON THIS
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01/04/2010 08:52 PM
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Re: AP: 2009 BANKRUPTCIES UP 32 %
RALEIGH, N.C. U.S. consumers and businesses are filing for bankruptcy at a pace that made 2009 the seventh-worst year on record, with more than 1.4 million petitions submitted, an Associated Press tally showed Monday.

The AP gathered data from the nation's 90 bankruptcy districts and found 1.43 million filings, an increase of 32 percent from 2008. There were 116,000 recorded bankruptcies in December, up 22 percent from the same month a year before.

While experts believe some of the increase is due to a natural recovery as consumers and attorneys become accustomed to a recent overhaul of bankruptcy laws, the numbers indicate clear correlations to recession-weary regions. Arizona saw the fastest increase, a jump of 77 percent from the year before, followed by Wyoming (60 percent), Nevada (59 percent) and California (58 percent).

Emile Harmon, who owns a law firm in Tempe, Ariz., said the firm has doubled its staff to handle the surge in bankruptcy filings. The lawyers have been steadily shifting away from their other areas of business, civil lawsuits and divorce cases.

"Bankruptcy is kind of swallowing the whole practice." Harmon said. "There's little time to do other stuff."

There's also no sign that things are slowing down. Harmon said bankruptcies have been coming in waves, first with those 18 months ago who had adjustable-rate mortages, then with those who lost their jobs due to the housing downturn. Now he's finding wealthy individuals and business owners who have finally succumbed to lower incomes and shrinking home values.

"A lot of the people we see were in a really good financial position two years ago," Harmon said. "People really look at you and say, 'I can't believe I'm here.'"

For three years, filings have been steadily rising back toward levels reached early in the decade before Congress overhauled the nation's bankruptcy laws. The 2005 alterations made bankruptcy filings more cumbersome, a move that followed fears from lenders that some consumers were abusing the system to wipe away debts.

Bankruptcies surged to slightly more than 2 million in 2005 as consumers rushed to file before the new law took effect but then plummeted to 600,000 in 2006. They've been climbing ever since and in 2009 became the seventh-highest year on record, behind only the years 1998 and 2001-2005.

The 2005 spike had been preceded by a steady climb from 1.5 million in 2001 to 1.6 million in 2005.

John Pottow, a bankruptcy professor at the University of Michigan, said the return to the highs of earlier this decade illustrates the failures of the 2005 overhaul bill. He said the measure largely made filings more costly and time-consuming by forcing consumers to undergo a paperwork-heavy test to determine eligibility for Chapter 7 bankruptcy and adding liability for attorneys who provide help.

"It never made sense in the first place that you could change the laws and make all these bankruptcies go away," said Pottow, who would like to see the 2005 law changes repealed. "If people are encountering financial distress, you can only scare them away for so long before they come back again."

While every state saw a rise in bankruptcies, Alaska (up 12 percent), Nebraska (12 percent) and North Dakota (14 percent) performed best.
 Quoting: Eschatology
Thread: 2009 bankruptcies total 1.4 million, up 32 pct --- I SEE GREEN SHOOTS!!!
whatever
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01/04/2010 08:52 PM
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Re: AP: 2009 BANKRUPTCIES UP 32 %
I guess everybody needs their own printing press so we could avoid bankruptcy like the government.
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01/04/2010 09:59 PM
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Re: AP: 2009 BANKRUPTCIES UP 32 %
Lagging Indicator yawn
 Quoting: Anonymous Coward 857306


moron
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01/04/2010 11:03 PM
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Re: AP: 2009 BANKRUPTCIES UP 32 %
you have the only avatar here at this site that makes any sense. <wink>

and YES, i believe 2009 BANKRUPTCIES are UP 32 %

thanks for posting op.
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01/04/2010 11:50 PM
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Re: AP: 2009 BANKRUPTCIES UP 32 %
Isn't it just the icing on the cake that they changed the bankruptcy laws just before the depression began? What a bunch of incompetent useless eaters these politicians are.
P.P.T

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01/05/2010 12:00 AM
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Re: AP: 2009 BANKRUPTCIES UP 32 %
WHO fucking cares? This is only like 1 out of every 209 men/women/children in the US..

There is nothing to see here! Move along sheep. Obama, along with the great patriot republicans,(Like Glenn Beck, and some super cool dude named Grayson, along with Bernanke, Geithner, and Ron paul, and Barny Frank, They have all fixed the problem.

DO NOT FEAR! CONTINUE TO USE YOUR CREDIT CARDS.

Even if you do not have a JOB, you should continue to support your local economy.

Remember. It was the Democrats who got you here.

NOT THE REPUBLICANS.

Watch FOX news, and Keep an Eye out for Islamic Jihad Shoe Bombers..

Read your Bible, Pray to that same "illusive" God that the islams pray too(You know the one, the father of the dude that the Jews killed)

Always remeber this...


YOU are right, and THEY are wrong.


Ok?

Thanks
ATE
User ID: 772524
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01/05/2010 12:26 AM
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Re: AP: 2009 BANKRUPTCIES UP 32 %
WHO fucking cares? This is only like 1 out of every 209 men/women/children in the US..

There is nothing to see here! Move along sheep. Obama, along with the great patriot republicans,(Like Glenn Beck, and some super cool dude named Grayson, along with Bernanke, Geithner, and Ron paul, and Barny Frank, They have all fixed the problem.

DO NOT FEAR! CONTINUE TO USE YOUR CREDIT CARDS.

Even if you do not have a JOB, you should continue to support your local economy.

Remember. It was the Democrats who got you here.

NOT THE REPUBLICANS.

Watch FOX news, and Keep an Eye out for Islamic Jihad Shoe Bombers..

Read your Bible, Pray to that same "illusive" God that the islams pray too(You know the one, the father of the dude that the Jews killed)

Always remeber this...


YOU are right, and THEY are wrong.


Ok?

Thanks
 Quoting: P.P.T

pick





GLP