I’m taking bets that the personal bankruptcies this year will be even higher.
By Daniel at 6 January, 2010, 6:32 pm
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Continual hemorrhaging of job loss translates directly into the fastest rise in personal bankruptcies in the past decade:
PERSONAL BANKRUPTCY FILINGS RISING FAST
The number of Americans filing for personal bankruptcy rose by nearly a third in 2009, a surge largely driven by foreclosures and job losses.
And more people are filing for Chapter 7 bankruptcy, which liquidates assets to pay off some debts and absolves the filers of others. That is significant because a 2005 overhaul of federal bankruptcy laws aimed to encourage Chapter 13 filings, which force consumers to sign onto debt-repayment plans in exchange for keeping certain assets.
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Chapter 7 filings were up more than 42% as of November 2009, compared with the same period a year earlier, according to the research center. November is the most recent month with analyzed data available. Chapter 13 filings rose by 12% and made up less than a third of 2009 filings as of November.
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http://online.wsj.com/article/SB126263231055415303.html
Fiscal Year US Gross Debt
1910 2.6
1920 25.9
1930 16.2
1940 43.0
1950 257.4
1960 290.2
1970 389.2
1980 930.2
1990 3,233
2000 5,674
2005 7,933
2007 9,008
2008 10,700
2009 12,042
2010 13,542 est.
Fiscal year Surplus or deficit
2000 +$236 billion
2001 +$128 billion
2002 -$158 billion
2003 -$378 billion
2004 -$413 billion
2005 -$318 billion
2006 -$248 billion
2007 -$161 billion
2008 -$459 billion
2009 -$1.42 trillion
2010 -$1.5 trillion est.
FORECLOSURE FILINGS BY MONTH
Jan., 2008 233,001
Feb., 2008 223,651
Mar., 2008 233,089
Apr., 2008 243,353
May, 2008 261,255
Jun., 2008 252,363
July, 2008 272,171
Aug,.2008 303,879
Sept,2008 265,968
Oct., 2008 279,561
Nov., 2008 259,085
Dec., 2008 303,410
2008 Foreclosure Filings (up 81% from 2007)
Jan., 2009 274,399
Feb., 2009 290,631
Mar., 2009 341,180
Apr., 2009 342,038
May, 2009 321,480
Jun., 2009 336,173
July, 2009 360,149
Aug, 2009 358,471
Sept, 2009 343,638
Oct., 2009 332,292
Nov, 2009 306,627
JOB LOSSES - UNEMPLOYMENT RATE - LAYOFFS:
NOTE: 2009 —-Population: 310 million
Jan., 2008 - 76,000 4.9%
Feb., 2008 - 83,000 4.8%
Mar., 2008 - 88,000 5.1%
Apr., 2008 - 67.000 5.0%
May, 2008 - 47,000 5.5%
June, 2008 - 100,000 - 5.5%
July, 2008 - 67,000 - 5.7%
Aug., 2008 - 127,000 - 6.1%
Sept., 2008 - 403,000 - 6.1%
Oct., 2008 - 320,000 - 6.5%
Nov., 2008 - 533,000 - 6.8%
Dec., 2008 - 681,000 - 7.2% - 11.1 million (R)
Jan., 2009 - 741,000 - 7.6% - 11.6 million (R)
Feb., 2009 - 681,000 - 8.1% - 12.5 million (R)
Mar., 2009 - 652,000 - 8.5% - 13.2 million (R)
Apr., 2009 - 519,000 - 8.9% - 13.7 million (R)
May, 2009 - 303,000 - 9.4% - 14.5 million (R)
Jun., 2009 - 463,000 - 9.5% - 14.7 million (R)
July, 2009 - 304,000 - 9.4% - 14.5 million (R)
Aug, 2009 - 154,000 - 9.7% - 14.9 million (R)
Sept 2009 - 219,000 - 9.8% - 15.1 million (R)
Oct., 2009 - 190,000 - 10.2% - 15.7 million
Nov., 2009 - 011,000 - 10.0% - 15.4 million
- Buzz Mills
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