Bankruptcies Galore

by Dual Income No Kids on February 2, 2009 · 0 comments

Hi All,

Just saw this piece from MSN Money. Evidently the number of chapter 7 and 13 bankruptcies has increases by 33%. – Lots of folks are loosing everything. Here is an excerpt from the article:

In 2007, there were 819,115 such filings in the 50 states and Washington, D.C. The number rose to 1,086,130 in 2008 as the recession took hold. That’s nowhere near the record of 2.1 million filings in 2005, as consumers rushed to file before a federal bankruptcy reform law went into effect and made filings more difficult and expensive, but it’s still a significant leap.

Lest one think that filing bankruptcy is a easy way to get out of paying your bills – take it from me. Its ugly. My father filed for bankruptcy back in the 1980s. It wiped out nearly a decade of his saving, investment, labor and effort. He’s still worried about his retirement, partly because of what happened back then.

So, take it from me, those 1,000,000 plus filers in 2008 are probably having a really bad year..

Here is the article.

Best,

James

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