in 2005 republicans made bankruptcy laws much tighter. Despite it, I still successfully filed chapter 7 protection last year and wiped out 0000 insecure debt. The reason for cracking down on bankruptcy filers in 2005 by repubs were as follows — "people should be financially responsible". As if the government is very financially responsible? How can government tell people to be financially responsible when they themselves are reckless spenders like bailout, iraq war spending, etc etc? That’s being so hypocrite. Also republicans now say, "its not government’s job to tell people how to live". Again they defy their own advice. And most of all, its not person’s fault he goes into bankruptcy. The recession caused millions to become bankrupt, when they lost jobs. And in such situation Bush/Cheney led government tried to choke and hurt these people by making it harder for them to file chapter 7? Then why didn’t they let corporations file chapter 11 instead of being bailed out? Hypocrite republicans. Also shows republicans are only for the rich and not poor. This proves it.
its not copy/paste. its my own thoughts 100%.
comrade: Why do corporations have to be bailed out then? if they can be bailed out, I should be allowed bankruptcy too
both joes: FAIL
no wonder republicans lost house, senate in 2007 and presidency in 2008.
conservative anger: how are you going to pay when you have no money? with a magic wand?
showing the anti-bankruptcy model hurt GOP itself. That was political suicide. From thereon, Bush ratings dropped dramatically and 1 year later they were booted from house and senate
Notice right now Palin and various GOP leaders avoid debate on bankruptcy laws and don’t ever talk of cracking down on bankruptcy. Notice they changed their position now.
Joe: you say, " No Republican forced millions of people to buy homes, cars, and other things outside of their means leading them to the point where they need to file bankruptcy." What about bankruptcy due to job loss or medical emergency? are you trying to say all bankruptcies are due to negligence? you are cruel and heartless, like typical conservative
comrade joe: you can eliminate bankruptcy law but that doesn’t mean creditors will be paid. If there is no money, there is no payment. its that simple

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The number of people filing for bankruptcy protection in retirement has soared in recent years — even before the recession.

In fact, people 65 and older are the fastest-growing segment of the population seeking bankruptcy protection, according to a recent study from the University of Michigan Law School.

The problem is simple math, said Johanna Sweaney Salt, a CPA with Kaufman, Schmid, Gray & Salt in Claremont, Calif. Their medical expenses, taxes and other costs keep going up, while their income is going down. Social Security hasn’t had a cost-of-living adjustment in a long time and pensions and retirement accounts took a huge hit during the recession. Reverse mortgages and other alternatives presented to them as "solutions" often just dig them further in the hole.

"Most people think ‘Oh, I have Medicare — I’m covered,’" said Jean Setzfand, director of financial security at the AARP. "But in fact, there are quite a lot of out-of-pocket expenses — and those continue to rise." The biggest one, she said, is long-term care costs. Plus, a lot more people are going into retirement carrying a mortgage. So it is not so good as we think

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My pops lost his job earlier this year due his boss’s stupidity managing the business not because of the recession. He has always been the one supporting the family with his job for so many years. I’m struggling to make ends meet with my piece of crap job myself then I am drowning in student loan debts and many others. My brother has a really good paying job working at a steel plant. Mom doesn’t work because she is on disability and never ever seriously worked when she was able to work except two jobs she had in my whole lifetime. That was nearly two decades ago. That is more hurt to the wound also. My brother gave my dad an option that maybe he should file for bankruptcy to bail himself out of the hardships the family is dealing with. I know nothing about bankruptcy nor how that would help him out. Only my brother knows about that since it was his idea.

My brother came to me tonight saying things will get tough here at home because he can’t continue pulling all the weight paying all the bills my dad used to pay. Even if I do step in and take my brother’s place keeping the family surviving, that is still not going to be any better. The reason is because I too will have to forever be stuck in this rut we are in as long as my dad is messed up. Dad is doing his best working a part time job and doing some his side business he has at home. The money he makes total is not enough. I have my own debts that needs to be paid off. I also want to be able to live my life the way I should being on my own. I am all grown up now and it is way past my time to move out and live my life like I wished and hoped for. I never wanted to be stuck at home growing older ever year. All I’m saying is that if my brother get to the point where he can no longer help out then that would put me in the position to keep this family afloat. I don’t mind doing it, but it is not something I can continue doing for the rest of my life just for the sake of keeping all the debts paid on time.
David most of my debt came from student loans and car payments on an older used model, car insurance, etc. My job is crap because it does not pay enough to live on. Yes my hardwork getting a degree has gone to waste. I’m not getting any luck finding work related to me degree or any other work.

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The government will have to borrow nearly 50 cents for every dollar it spends this year, exploding the record federal deficit past .8 trillion under new White House estimates.

Budget office figures released Monday would add billion to the 2009 red ink — increasing it to more than four times last year’s all-time high as the government hands out billions more than expected for people who have lost jobs and takes in less tax revenue from people and companies making less money.

The unprecedented deficit figures flow from the deep recession, the Wall Street bailout and the cost of President Barack Obama’s economic stimulus bill — as well as a seemingly embedded structural imbalance between what the government spends and what it takes in.

http://finance.yahoo.com/news/White-House-Budget-deficit-to-apf-15199183.html?.v=8

Government spending is paid for 1 of 2 ways:

1)monetizing debt ("printing" money) which leads to more inflation (=each dollar bill has less purchasing power)

2)higher taxes & new hidden taxes (carbon taxes, etc)

Well since taxes won’t even begin to cover TRILLIONS in new spending, option one is being used to the max.

Now I want you to watch this 60 minutes interview from 2007. In it, the former comptroller general (nation’s top accountant) says the United States government is bankrupt and that if it were a company if would have failed by now. He also says that at CURRENT spending levels (2007 levels) the U.S. govt. could only afford to pay social security and some medicaid by 2040.

http://www.youtube.com/watch?v=OS2fI2p9iVs&feature=related

Since then we have passed trillion in bailouts, nearly trillion dollars in "stimulus", and Obama has proposed AN ADDITIONAL .5 trillion budget.

Now if the comptroller general thought the U.S. couldn’t afford to pay for Bush’s prescription drug bill (from many years back), HOW is Obama going to pay for all this new spending???

He’ll either have to raise taxes to levels undreamed or hyperinflate the dollar attempting to monetize more debt.
boss h……………probably higher than that.

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we’ve been married for 9 years, together for 12. to be honest i strayed early in our relationship, but never since. i owned a company for 5 years bringing home 6 figures a year living very well. recession hit i sold my company for pennies on the dollar, but i did have a job, only making 30k plus commission. she got a job as a waitress, i started to get suspicious when she was coming home later and later like 2 to 3 am. checked phone records she was seeing this guy who was supposedly married, she was helping him find a house? went on blinding from me for 3 months, i asked to stop and she did, we’ll after i spoke with him, and he was quite apprehensive on discussing his relationship with my wife.recently i have no choice but to file for bankruptcy, and i am losing my home, just cannot afford it anymore. everyday i feel myself getting depressed about everything. many times i have felt like ending it all, but we have 2 kids, whom i adore with all my love. i have tried every way i can think of to make this work, but i just don’t know if she Truly loves me anymore? i feel more of a convenience than a husband? please help

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We went out of business because of the recession, and now we are being sued for the back rent when we were still there..we made an agreement to do a payment plan. we can not make the payments because of loss of job..now we are being sued for 30k can we file bankruptcy…they gave us a 10 days notice also..please help i feel like our life is over

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The recession has caused many consumers to cut back on monthly spending.Carrying a monthly balance seems more like a luxury than a necessity

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