Bankruptcy, what is the average American supposed to do? With the economy in turmoil, Americans are running scared.
In 2007, more than 1% of all homes in America were in some stage of foreclosure.
This is up from 0.
58% in 2006.
Since December of 2007, foreclosure filings for banks rose from 97% from just one year ago.
This is added to an ever rising unemployment rate and we now find ourselves up a creek with no available paddle.
There is hope, bankruptcy might be the proverbial paddle that some Americans desperately need.
Americans are taking advantage of their constitutional right and filing for bankruptcies.
According to experts bankruptcies are on a dramatic rise since last year.
Chapter 7 bankruptcies have increased 36.
7% from year end June 30th, 2007 to year end June 30th, 2008.
Business bankruptcies have increased 41.
6% during the same time period.
A total of 617,660 in 2006 has jumped to 850,912 bankruptcies in 2008.
Filing for bankruptcy may be a viable option, especially with a dismal outlook of the American economy.
There have been many business that have filed for bankruptcy.
Is our economy safe? Recent business filings include: Chicago Tribune newspaper, LA Times, Bally fitness (twice), Citibank, and Circuit City.
This is since Dec.
of 2008.
I predict the percentage of bankruptcies will see a dramatic increase in 2009, at least by 30%.
Personal bankruptcy is written into the constitution and is a business and citizen's right.
Many will be exercising this right in the coming year, including some of the most profitable businesses of recent times.
Whatever it takes to keep the consumer purchasing, right?