Bankruptcy filings set record

[question everything]

One out of every 73 U.S. households filed for bankruptcy last year, a record high, despite historically low interest rates, the American Bankruptcy Institute said.

"Despite enjoying the sustained benefit of low interest rates, growing numbers of U.S. consumers are facing difficulty in meeting their monthly obligations," ABI Executive Director Samuel Gerdano said.

U.S. households had $10.4 trillion in debt outstanding at the end of last year, although debt accumulation slowed toward year's end, according to data from the Federal Reserve.

Last month, the Administrative Office of the U.S. Courts said there were 1,660,245 personal bankruptcies last year. It was a record for any calendar year, but off slightly from the all-time 12-month high reached in the period ended in September.

Find this article at:
http://www.signonsandiego.com/uniontrib/20040313/news_1b13calbrfs.html

[brokensymmetry]

1. But...but...but...

* told us the economy was doing great? How can this possibly be? :evilgrin:

[Jacobin]

2. Here's an interesting breakdown by state:

http://www.abiworld.org/stats/householdrank03.html

Households Per Filing, Rank
During the 12-Month Period Ending Dec. 31, 2003


State Households per Filing Rank
Nationally 73. 1
Alabama 47.4 5
Alaska 189.3 51
Arizona 72.9 22
Arkansas 49.8 7
California 90.2 30
Colorado 73.8 23
Connecticut 115.7 42
Delaware 102.0 38
DC 121.3 44
Florida 80.5 26
Georgia 42.7 3
Hawaii 125.4 45
Idaho 57.4 10
Illinois 58.4 12
Indiana 46.8 6
Iowa 101.6 37
Kansas 72.1 21
Kentucky 60.2 13
Louisiana 64.2 16
Maine 144.7 48
Maryland 64.5 17
Massachusetts 147.6 49
Michigan 69.1 19
Minnesota 107.2 40
Mississippi 53.9 8
Missouri 66.1 18
Montana 96.9 35
Nebraska 87.3 28
Nevada 42.8 4
New Hampshire 130.7 46
New Jersey 80.4 25
New Mexico 88.3 29
New York 104.6 39
North Carolina 94.0 33
North Dakota 133.5 47
Ohio 54.7 9
Oklahoma 57.5 11
Oregon 62.1 14
Pennsylvania 90.9 31
Rhode Island 98.0 36
South Carolina 111.9 41
South Dakota 120.0 43
Tennessee 38.4 2
Texas 94.2 34
Utah 36.6 1
Vermont 162.9 50
Virginia 69.6 20
Washington 62.7 15
West Virginia 78.5 24
Wisconsin 85.6 27
Wyoming 93.6 32



American Bankruptcy Institute
Statistics based on data from the Administrative Office of
the U.S. Courts (2003 bankruptcies) and the U.S. Bureau of
the Census (most recent household figures from 2001)

Damn....look at Ohio. It's number nine. amd Tennesee is 2

[Wickerman]

3. Odd -look at "Tax"achusetts

Massachusetts 147.6 49

Seems like a good place to select new President from...

So many Red states with BR problems....? :think:

[Jacobin]

14. Ahem.....Vermont is 50!!

But that's over so I'll just be quiet

[Wickerman]

16. yep, it is

thanks for your quiet-tude.

:)

[Badger1]

4. Depressing and true.

Sorry. Hit enter. My wife is a lawyer and works for some of the local banks here in WI. She has never seen the number of foreclosers and bankruptcies that she has this past year. Very sad. But some of them are just dumb shits who think they need all the toys, boats, snowmobiles, cabins, two new SUV's, three wheelers then huge garages to put all this shit in and put everything on credit. Not to mention buying a house they know they can't afford. But, most cases are very sad and they need real help.

[cliss]

5. I believe that the number of bankruptcies

keeps going up each year. This figure of 1,660,245 for 2003 is definitely higher than 2002. (someone posted the numbers a while back, and THAT figure was a record for 2002). We can most probably assume that 2004 will also be a new record for personal bankruptcies.

Something's up, folks. And it ain't the lies that are coming out of Greenspan's mouth. "personal debt is manageable".

[Jacobin]

15. Here ya go

[LiviaOlivia]

6. I would like to see stats on

the number of bankruptcies due to health care costs.

[PA Democrat]

11. Last number I saw on Bankruptcies

due to medical expenses was about 50% of the total. What was even more shocking was that something like 80% had health insurance, but they didn't have enough.

This was a few years ago (2000 I think), and we all know that the situation hasn't gotten any better. I'd hate to see the stats today.

http://www.commondreams.org/headlines/042700-03.htm

[kalian]

7. This is the other ignored stat....

realize that people might be dropping out, because they cannot find
jobs.
Then you have those poor souls that managed to find some "jobs",
as wally mart greeters or cashiers but can't make ends meet...

And everyone is now making less and thus can't continue to live the
American "dream"...or should I say nightmare...?

Reality is sinking in...

[Dyedinthewoolliberal]

21. Amen to that brother........

I'm in the middle of a Chapter 13 right now and it ain't looking good. The biggest problem is finding a job! There are plenty of $8.00 per hour jobs out there, but that isn't going to help me. Even 2 jobs at $8.00 per hour would be tough. Doable but tough. Of course, my idea of living isn't working two full time $8.00 a hour jobs. So why shouldn't I do what corporate America does all the time? Write off the debt and start over.
Problem is, there isn't any place to start over. The ecomony is barely breathing and there are people with the balls to tell me outsourcing is good for us. Jeezzzzzzzzzzzzzzzzz :mad:

[Bozita]

8. The final guest on CSPAN today wrote a book on the credit card industry...

...and how it traps the young and blackmails their families.

The replay of Washington Journal should be on now. The author should be on in about 10 minutes.

[Mari333]

9. My mom is one in Indiana.

shes 77 and cant afford meds and food. She filed and watches her health care being destroyed daily. I help her out as well as I can now.

[MikeG]

10. I've been a debtor's attorney for 20 years.

Its been this way since the chimp got in.

[Media_Lies_Daily]

12. I think Congress needs to get in the act and limit the interest...

...charged by these legalized loan sharks.

[Briarius]

13. But but

The economy can't be that bad, we created 64 new billionaires last year:
http://www.forbes.com/maserati/billionaires2004/bill04land.html
:eyes: /sarcasm

[catmandu57]

17. Medical bills

The wife was in the hospital in 02 and again in 03, no insurance, we were drowning under medical bills. Declaring bankruptcy was the only way out, bill collectors calling everyday, we were sending everyone we could a few dollars, it wasn't anywhere near enough and felt like trying to empty the ocean with a tablespoon.
Our credit is ruined now, we're having a hell of a time just getting a car loan. We should have had universal health care long ago.

[Gman]

18. This is getting to be at least a quarterly headline

if not montly.

[SoCalDem]

19. tick-tick-tick-tick... "hear that???"

That's the neutron financial bomb that is ready to go kablooey.. The MINUTE that it looks like the BK bill is moving towards agreement and passage, millions of people will bail out.. Right now, they are holding on ...hoping for a miracle so that their credit is not destroyed by BK...but they still have it as a sefety net if things get really bad..

When they pass it, there will be a 6 month window, and then the axe falls..

That 6 month period will be HUGE..

Imagine how many families who are suffering from under employment, are currently "living on credit".. If the main breadwinner had a decent job, before they layoffs, they probably had many cards with high limits.. As long as they manage to make the minimum payments, they can still use them.. Probably most, don't really even plan to pay them off.. They are just keeping the wolves from the door..

Imagine millions of people with each having 10-20K of cc debt.. and they all file within a 6 month period.. What will THAT do to consumer confidence??

[The Zanti Regent]

22. IT WILL SOUND LIKE AN ETERNAL TOILET FLUSH!

If the Nazi Republicans pass this so-called "Bankruptcy Reform", they are signing their own death warrants.

The banks will collapse just as they did in the Great Depression!

[BlueCollar]

20. wasn't bankruptcy reform

one of the first things on the republican agenda in 2000?

Seems to me that the law, which was designed to protect banks and other lenders put the onus on the borrower. I feel that the lenders are just as responsible for a lot of the debt that people run up...not a week goes by without my getting "You're already approved/preapproved" etc.

Hell, I just had my pay cut by 17% and I work in the airline business...not exactly a great credit risk.

the lending industry makes me sick...them and insurance companies are currently at the top of my list of organizations I distrust the most