Explosion in number of bankrupts (In poodle land)

[saigon68]

Ashley Seager
Saturday August 7, 2004
The Guardian

http://www.guardian.co.uk/business/story/0,3604,1278196,00.html

The number of bankruptcies has shot up to an all-time high with nearly 1,000 people a week buckling under the weight of the country's £1 trillion debt mountain.
With interest rates set to rise further, analysts are warning that bankruptcies will continue to increase.

Last week the Bank of England revealed that the total debts held by Britons had topped the £1 trillion mark for the first time, having doubled in only seven years.

"UK consumers are buckling under the weight of a mountain of personal debt," he said. "Record personal insolvency figures reveal the pressures on people who have borrowed to the extremes and are struggling to repay their debt."

DOES THIS SOUND FAMILIAR ??????

[Dover]

1. They anticipate the same thing here in the U.S. which is why they have

been trying to pass legislation to make it more difficult to file and collect for bankruptcy.

The figures here are already on the rise, not to mention foreclosures.

[teryang]

2. One proposal from a Florida Bankruptcy Judge

Is to eliminate the Florida constitutional "homestead" protection from creditors. In other words the federal government wants to eliminate this fundamental right of florida citizens which holds homelessness for Florida families somewhat in check.

[Almost_there]

3. Could you explain?

Perhaps because I got like 2 hours of sleep last night, but, is what you are saying that a Florida judge wants to eliminate a law currently set up in Florida that prevents creditors from getting your house in the case of bankruptcy? I don't know much about bankruptcy, but, I sort of always assumed that your house would be listed as another asset, and if you are deep enough in the hole, you could lose that as collateral.

And this judge wants to overturn a law keeping your house off limits?

~Almost

[Nay]

4. You can lose your house or car if you don't pay the payments

and are foreclosed or repoed by the bank holding your note(s). But if you declare bankruptcy before you are foreclosed, in most states you will not lose your primary residence or your transportation to work (car). I assume this law is in effect so that families are not simply thrown into the streets as in the old days.

[Geo55]

5. and with Chimpy you know the "old" days are GOOD

Are the prisons open ? , the workhouses in full operation ?

[teryang]

7. The house is protected from third party creditors

Let's say your mortgage payments are current but you have 50,000 in hospital bills and another 30,000 in loans that you just can't pay. These unsecured creditors can't list your home as an asset to liquidate in Florida.

[Seabiscuit]

6. I'd like to see some credible statistics

on the number of bankruptcy filings since Bush occupied the W.H.

I'm willing to bet that during the 3+ years he's been in office there have been more bankruptcy filings during his term than in any similar time period of any U.S. president since Herbert Hoover.

[Bullshot]

12. I know in the district bankruptcy court in Toledo, Ohio

they have set a record for that month almost every month for the past two years. They only time they didn't break the record was in February or January of this year, and they speculated that was because a lot of bankruptcy lawyers were starting to file electronically and they may have held up on their filings until they were more comfortable with the new system.

[Seabiscuit]

14. I strongly suspect that what has happened

in Toledo, Ohio is happenining in every bankruptcy court in the country. I know several areas in California have seen record numbers of bankruptcy filings for several years now.

[jmcgowanjm]

8. I come from the capital of bankruptcies in Eastern Arkansas

On a Pre Capita basis, with Memphis, right across
the River hangin' close to us.

The Mayor of Memphis invented Chapter 13.

It's a well established practice to have the county
send out a list monthly to anyone asking, of
bankruptcies.

So you can go help those bankrupt folks by
buying their land.

[muriel_volestrangler]

9. But also note this other Guardian story from February

http://education.guardian.co.uk/students/finance/story/0,12728,1147790,00.html

Official figures have revealed a worrying surge in personal bankruptcies - boosted by growing numbers of students walking away from their debts.
...
Just days earlier, it emerged that the number of students writing off student loan debts by declaring themselves bankrupt more than tripled in 2003. According to the Department for Education and Skills, 899 students and graduates took the drastic step of becoming insolvent last year, compared with 276 in 2002.
...
The rise in student bankruptcy has come about after the government's Insolvency Service issued rules back in May confirming that student loans are debts that can be written off in bankruptcy. Until then, education secretary Charles Clarke insisted that bankrupt students still had to repay their Student Loans Company loans.
...
The DfES said this week it intends to close this loophole via the Higher Education Bill. It says that, subject to the passage of the Bill, the exclusion of student loans from bankruptcy will come into force on September 1. But, based on last year's figures, we are almost certain to see several hundred hard-up students declaring themselves bankrupt before then in order to walk away from other debts such as credit card borrowing.

Is it a rush to go bankrupt before the loophole is closed?

[BiggJawn]

10. My county leads the state in unemployment and foreclosures.

White County, IN. Number one in unemployment (almost 8%) Number one in bancruptcies and home foreclosures, and we also have 3 of the worst school systems in the state (Frontier, Twin Lakes and North White)

We also have been hit very hard by Indiana's new "Market Valuation" property tax formula. I know an older couple who have a nice home in a small town that was appraised at almost a quarter of a million dollars. This is in a town that has NO retail, except for a tavern, and is served by one of the 3 crappy schools I mentioned about. Now would YOU pay 250 kilobucks for a house where you have to drive 7 miles to get to the nearest "Gas n' Gulp", and your kids were GUARRANTEED a rejection letter from every college except I-V Tech? My girlfriend appealed HER assessment, and they reduced the appraisal by 45 kilobucks with no fight, but she DID have to protest and hire an independant appraiser.

And now it looks like the utility companies are gonna fuck us with a telephone pole this winter for natural gas and electricity. Oh, boy, "Heat or Eat"...

[happynewyear]

11. monkey see, monkey do ...

plain and simple. Follow that dictatorial mentality/leadership you idiots!

:dem: :kick:

[genius]

13. Sounds like a good way to get rid of debt to RNC corporations.

Where do I file?