A drop in foreclosures in January this year is nothing to get excited about, coupled with a rise in credit card debt this foretells of a flow of consumers heading for bankruptcy court. People are out of work, maxing out their credit cards to live and trying to keep their houses while they ride out this countries vast economic storm. The drop in foreclosures doesn't mean people are not in trouble, going into foreclosure means giving up your house, while going in to bankruptcy can prolong the need to vacate, it can sometimes means you get to keep your house.
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Bankruptcy filings have nearly doubled in the last three years and things could get worse. The Bill passed in 2005 that was supposed to discourage bankruptcy, especially chapter 7, which gives you a "fresh start", actually did work for a short period. Unfortunately personal bankruptcies were up 28% between June '07 and June '08 According to the Administrative Office of the US Courts. No one counted on rising consumer debt, a slow economy, the mortgage melt down and an average personal income that is outpaced by inflation. To sum it up the new law actually did little more than double the amount of paperwork to be filed and cause the attorneys fees to go up.
The effect of this rise in personal bankruptcies has already been felt in retail and small business. Before and after Christmas this past year, prices were slashed by as much as 70% in many stores. Yet sales were still down. The ill-fated consequence is that many retailers are filing bankruptcy; hence the manufacturers are affected too.
If you are thinking about filing for bankruptcy you are not alone, a study in FindLaw.com showed that nearly one in eight Americans have filed already or are considering it.
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