Bankruptcies Nationwide Reach 12-Month Record Of 1.65 Million

[hatrack]

By Deb Gruver
Wichita Eagle

"It's almost not news anymore: bankruptcies across the nation have broken another record.

This time it was for the 12-month period ending June 30. Bankruptcy filings nationwide for that period totaled 1.65 million, the largest number of cases ever filed in that length of time.

Kansans filed 15,976 bankruptcies during that period, according to federal court administrators.

That's a nearly 14 percent jump from the same period last year. And last year's filings were up 10 percent from the year before that."

EDIT

http://www.kansas.com/mld/kansas/business/6564571.htm

[Chico Man]

1. WooHoo! Things are looking up!

Thanks W!

[dArKeR]

2. That's why Bush has the time for month long vacation playing golf

as our children and workers die in Iraq and Afghanistan.

[dfong63]

4. not to worry

this is simply yet another demonstration of the genius of capitalism.

[dArKeR]

3. I'd like to see what the revenue range was for these companies.

home, small, medium or Repuke sized?

[dfong63]

5. according to the article,

most of those bankruptices were personal bankruptcies after people maxed out their credit cards. the article also said cited a busy bankruptcy lawyer who referred to an increase in "small business" bankruptcies.

[Demobrat]

8. Credit cards and home equity loans.

It used to be that a second mortgage was considered a last-ditch act of financial desperation. Now they're marketed as "home equity loans" and people are encouraged to take cash out of their homes for every damn thing. Max out the credit cards, refinance, add thousands to your principle loan balance, max out now clean cards again, repeat as necessary. Great. Except that when you can't make the payment, they get to take your house.

[ixion]

6. ah yes... the job-loss recovery.

I sound like a broken record... maybe this time people will wake up.
yeah. riiiiiight. :eyes:

[ikojo]

7. Wasn't the tax

cut supposed to stimulate the total economy and not only that of lawyers?