bankruptcy filings

bankruptcy filings

According to some recent statistics, both personal and corporate bankruptcy filings 2007 improves by 2008. Bankruptcies rise seems to think in many states and some people that the numbers will only continue to grow in the immediate future …

In fact, in 2008, the number of bankruptcy filings is expected to more than 1 Million! One of the most common reasons that some people file bankruptcy are large medical bills that are not easily recovered. Another common reason is the Loss of employment. And finally, unsecured debt, like credit card debt can be very large, very fast, if not properly be managed.

How many consumers have discovered recently, debt has become unmanageable if they are the result of large increases in fixed costs. If more money is going than coming in each month, debt can be difficult to handle.

For example, imagine a hypothetical consumer who signed for an adjustable Mortgage in 2005. If the consumer mortgage payments originally $ 1500 per month and it fits again to $ 2700 per month, where the $ 1200 difference be made up? If compensate for the particular consumer is not a significant increase of the difference, as can pay the increased amount every month? The additional $ 1200/month must come from somewhere …. With current U.S. savings rate of 0%, it is realistic to believe that people will be able to, with the additional amount every month?

In the 1990s, some banks started extending generous credit lines to consumers through credit cards. Credit was easy to reach and use for consumers Credit cards for buying just about anything can be imagined. The extra bonus points and bonus' credit made it very convenient for many consumers. Credit Cards can make life easier for many consumers because they are easy to administer and monitor to make expenses.

However, as noted above, principal amounts And fees can forge very quickly if they are not paid.

Nationwide, the courts will see double-digit increase in the number of people, Registration Bankruptcy protection. And, not surprisingly, bankruptcy filings reported to be significantly in many states that experienced increases, both have a "housing bubble" and the resulting wave of foreclosures … Arizona, California, Florida and Nevada are four states, up in double-digit increase in the number of bankruptcy filings in 2007 Have seen 2008th

Moreover, according to some statistics, while some costs have increased recently and have incomes that are not associated with an increased burden not kept pace. In particular, the energy costs. Take a look at the current gas or electricity prices. Following are the latest BLS.gov CPI statistics, energy costs increased more than 15% per year for the past 6 years at least! Have incomes increased enough to match the increased expenditure?

Probably not.

Thus, expenditures that are run incomes the reason why so many people are filing for bankruptcy protection? These are not easy questions to answer today, given the apparent contradictions in both inflation and deflation, not to mention many other factors that are not easily identifiable.

However, More people apparently sought bankruptcy protection, and some experts believe that the trend may continue.

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Article Source: ArticlesBase.comBankruptcy Filings – 2008

Bankruptcy filings (data for the last 3 years).


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