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Bankruptcies up 32%! There were 1.4 million filed in 2009.

I thought the Obama administration was going to fix this. Thoughts.

http://abcnews.go.com/Business/wireStory?id=9474573

 
yourspecialkid

Asked by yourspecialkid at 3:18 PM on Jan. 5, 2010 in Politics & Current Events

Level 35 (74,634 Credits)
This question is closed.
Answers (22)
  • The obama administration 'fix' anything??? Sorry, had to laugh....
    RutterMama

    Answer by RutterMama at 3:23 PM on Jan. 5, 2010

  • yourspecialkid

    Answer by yourspecialkid at 3:19 PM on Jan. 5, 2010

  • "fixing" this will take TIME
    and we are doing it next month so you can add one more to the number
    Anonymous

    Answer by Anonymous at 3:24 PM on Jan. 5, 2010

  • How much TIME until the country is bankrupt?
    yourspecialkid

    Answer by yourspecialkid at 3:31 PM on Jan. 5, 2010

  • And you were looking for a solution overnight? You know that bankruptcy is the end of a very long road in most cases, that started months and even years before the actual filing. I've known a few people to file...and in those cases the bankruptcies after a LONG decline.

    The ABC story isn't very complete, so I did some digging, and there's a good breakdown in the Wall Street Journal. http://online.wsj.com/article/SB126263231055415303.html?mod=rss_Today%27s_Most_Popular

    Interestingly...the 2009 rate isn't as high as the 2005 rate, which is the year Congress passed bankruptcy reform. In fact, the BK rate for the first five years of the last decade were MUCH higher than it has been for the last five years since the reform. Check out the graph on the WSJ page.
    gdiamante

    Answer by gdiamante at 3:35 PM on Jan. 5, 2010

  • There were more than two million in 2005, according to the American Bankruptcy center.
    gdiamante

    Answer by gdiamante at 3:38 PM on Jan. 5, 2010

  • I dont tink anyone is looking for a solution over night, but Obama has had more then overnight and the country is worse off now then it was before he took office. He has spent more money then any other sitting president at this point in office. We have no solution really to Afganistan, people are getting into the whitehouse left and right without clearance, most places have as much as 20% unemployment etc. But never fear! I hear if we buy a new washer we get a tax credit. WOOHOO!
    Anonymous

    Answer by Anonymous at 3:46 PM on Jan. 5, 2010

  • I dont tink anyone is looking for a solution over night, but Obama has had more then overnight and the country is worse off now then it was before he took office. He has spent more money then any other sitting president at this point in office. We have no solution really to Afganistan, people are getting into the whitehouse left and right without clearance, most places have as much as 20% unemployment etc. But never fear! I hear if we buy a new washer we get a tax credit. WOOHOO!


    THIS
    Anonymous

    Answer by Anonymous at 3:58 PM on Jan. 5, 2010

  • So because rates have been higher in the past we shouldn't worry about the 32% increase over last year?? Great! Thanks, now I have one less thing to be concerned about.................................

    It isn't surprising that 2005 had a higher rate, people wanted to do it before the laws changed..making them harder to get. The big increase without the law change is alarming though.
    yourspecialkid

    Answer by yourspecialkid at 4:05 PM on Jan. 5, 2010

  • I did not open your link. Here is MY research froma quick google search.
    CLINICAL SIGNIFICANCE
    ● 62.1% of all bankruptcies have a medical
    cause.
    ● Most medical debtors were well educated
    and middle class; three quarters
    had health insurance.
    ● The share of bankruptcies attributable
    to medical problems rose by 50% between
    2001 and 2007.

    Sisteract

    Answer by Sisteract at 4:19 PM on Jan. 5, 2010

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