Bankruptcy Filings

Discussion in 'Economics' started by omcate, Mar 13, 2004.

  1. omcate

    omcate

    According to American Bankruptcy Institute, one in 73 US households has filed bankruptcy in 2003.

    :mad:
     
  2. It must be all the daytraders...
     
  3. omcate

    omcate


    Not likely.:p

    Utah faced the highest per-household bankruptcy rate -- one out of every 47 -- followed closely by Tennessee, Georgia and Nevada.

    I do not think there are more daytraders in these States than New York.:D
     
  4. wdscott

    wdscott

    omcate,


    1 in 73 sounds like alot, but what has been the average bankruptcy rate in the last 10 years ??


    Regards,
    Dave Scott
     
  5. omcate

    omcate


    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.

    http://www.reuters.com/financeNewsArticle.jhtml?type=economicNews&storyID=4559387

    http://www.abiworld.org/stats/1980annual.html
     
  6. As phsycology changes and Dial 1 800 BK-ATTY proliferates our society....the quick fix will grow.

    It used to be that BK was a sign of failure....where today it is considered as a fresh start....

    There is a powerful lobby (credit card company funded) to get a bill on Bush's desk to change the BK law....

    I personally think this is a wonderful country to do business in.....Imagine if things went bad and you had to pay for the rest of your life.......

    Michael B.

    P.S. think before you reply
     
  7. Utah! It's obvious. Polygamy. All those multiple wives shopping til they drop - what would you do?

    :D

    On a more serious note... I think that the level of debt that has been incurred due to the USD lowering interest rates to their lowest level in 50 years will definitely have repercussions as BKs mount in the future that has yet to be seen.

    Remember, that most US business expansion (therefore any "new jobs" being created) during this time is based on businesses taking on new and larger (cheaper) debt.

    That is not the same as having real positive growth. It is just digging a deeper pit.

    Debt is among the top killers of a nation.

    Has the USD government done anything really constructive to halt or even reduce personal, corporate and national debt lately?

    No.

    Regards,

    Sam