Wow. Consumer (note they do not even use the word individual, families, households anymore, we're all just consumers) Bankruptcies are May Hit 1.4 Million:
Consumer bankruptcies show no sign of abating after rising more than a third this year and may hit 1.4 million by Dec. 31 as jobs are lost and loans are harder to get, according to the American Bankruptcy Institute.
More than 126,000 consumers filed for bankruptcy in the U.S. last month, 34 percent more than in July 2008, the ABI said in its latest report on Aug. 4. The increase came after a 36.5 percent rise in personal bankruptcies nationwide in the first six months, to 675,351, according to the ABI research group, which interprets data collected by the National Bankruptcy Research Center.
“Rising unemployment on top of high pre-existing debt burdens is a formula for higher bankruptcies through the end of this year,” ABI Executive Director Samuel Gerdano said in a statement.
I could not get to the original report (yet another obnoxious website with link after link to no actual report).
There are 307 Million people in the U.S. with about 104 million of working age. Consider the percentage of these as couples, take about 58% percent of the 104 million being families (which would cause a joint bankruptcy), so we're down to 60 million households who are in the pool to go bust.
So assuming these rough back of napkin calculations are reasonable, that gives a odds of bankruptcy at 2.3%in just one year!
The Change That We Can Believe In
When Obama sat in office, he promised a lot and talked about the problems a lot. Everything seems to be accelerating, bankruptcies, foreclosures and now bankruptcies. Obama also promised that he will turn back the bankruptcy laws to pre-2005.
So Sad what is happening to America.