Personal bankruptcies surge

[Liberal_in_LA]

Personal bankruptcies, especially among elderly, surge in Massachusetts

WEYMOUTH — Personal bankruptcy filings have risen to their highest levels since bankruptcy reform legislation was enacted in 2005, spurred by widespread job losses, underemployment and a stagnant real estate market.

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The bankruptcy epidemic has cut across all circles, but what’s changing is the demographics, local bankruptcy lawyers say.

“For the first time, we’re seeing a great deal of elderly people,” said Wayne Gilbert, a bankruptcy lawyer from Weymouth. “Before 2007, we didn’t.”

Gilbert recalled a woman nearing her 90th birthday who begged him to take her case so that she could pass on a clean estate to her family.

Read more: http://www.patriotledger.com/lifestyle/50_plus/x530469513/Personal-bankruptcies-especially-among-elderly-surge-in-Massachusetts#ixzz1LmiZZLzn

In the Wake of the Recession, Bankruptcies Hit Women, Communities of Color

It's hard to feel lonely in Roxie King's house. The walls are packed with row upon row of pictures of Roxie's parents, two children, twenty grandchildren, and other loved ones celebrating various stages in life. On a recent visit, Roxie proudly showed two visitors around her clean and cozy ranch-style home of 37 years near Midway Airport. Given her good cheer, it was hard to believe that, just last year, she was at risk of losing this home.

When Roxie was laid off from her job as an echocardiogram technician at a hospital, her finances came under significant strain. Although she had some money saved and found freelance technician work, her income was less than half what it used to be and she couldn't afford health insurance. On top of that, she was the sole breadwinner helping to raise three grandchildren. The savings eventually disappeared and she fell behind on her mortgage and other debts.

"I was robbing Peter to pay Paul," Roxie said. "Somebody's going to come up short."

http://www.huffingtonpost.com/dory-rand/chicago-bankruptcies-women-of-color_b_858571.html

[Hannah Bell]

1. lol. the bankruptcy "reform". hahahahahahaaha. "reformed" just in time for the crash.

[Trajan]

2. Bankruptcy 'reform' by 'Liberal' New England Politicians.

THANKS Liebermann .... THANKS Biden ....

Sheesh .... with friends like these ... who the FUCK needs enemies ?

[Skink]

3. There was a lot of right wing propaganda on how it would be harder but not so.

People were scared away from it for awhile.

[CoffeeCat]

4. The poor and the most vulnerable...

...at first, will suffer the most. The middle-class and upper-middle class have felt the impact, but
not as great as the poor have. This trend will continue to trickle up.

The poor and the most vulnerable have little safety net, so these criminal economics will hit them first.

However, there is a storm brewing in the middle and upper-middle classes. Most maxxed out their credit cards--attempting
to keep up with the Jonses. They also took out second mortgages to make frivolous purchases such as vacations and
leather furniture. They purchased $40k SUVS and they're debt is maxxed to the hilt. Now the economy has shifted.
Wages are stagnant. Unemployment is high.

One or two months of unemployment crumbles this entire house of cards. Many people, who look as if everything is ok, are
living on the edge. This continued attack on "We the People" will definitely push many over that edge.

We're also paying more in taxes, healthcare costs are soaring. Furthermore, gas and food prices are killing everyone.

We have so much less money than we used to. Food prices are truly a crisis that is not being discussed for the serious
issue that it is. Food isn't included in the CPI--so no one discusses how prices for many food items have doubled. The
basic necessities that people need to live--like household cleaners, batteries, toilet paper, shampoo, etc.--have gone up
significantly.

Proctor & Gamble recently announced that they would be raising prices across the board. Prices for clothing are expected
to rise as well.

We're all in an economic vice grip--being squeezed from the spending side (everything costs more) and also from the
income side (we have less money coming in). This will impact everyone--and no one is safe unless you're in the top
5 percent.