2008 Bankruptcies Skyrocketed in Connecticut

According to The New London Day, 2008 bankruptcies across the rest of the nation too:
Filings for one of the most common forms of personal bankruptcy have increased by more than 60 percent in 2008 in Connecticut, according to a report released Monday by The Warren Group.

According to the report, Chapter 7 filings of the U.S. bankruptcy code increased 66 percent last year, from 3,417 in 2007 to 5,676 in 2008 and more than doubled since 2006. Chapter 7 bankruptcy, the most common option for individuals seeking relief from debt, wipes away most debt after non-exempt assets are used to pay off creditors.
When combined with Chapter 13 filings, which permit repayment of debt, filings are up 51 percent in the state since last year.

Oh yeah... Chapter 7 bankruptcies are down compared to 2005 levels courtesy of what was little more than the "indentured servitude act - 2005" making it near impossible to get out from underneath debt. You can thank the entire bank loving Congress for that. There are way too many Democratic members in the House and Senate that deserve special attention on this to bother list, never mind the ever-screwing-us-over Republicans.

Tell me something, all you Senators and Representatives, are you proud of this and do you think about this as you hand over TRILLIONS of our tax dollars to these corrupt and incompetent robber baron banks? And how do you live with yourselves knowing that we know you are robbing us?

Politicians and bankers... Criminals with a fancy title.


Unknown said...

The Chapter 7 Bankruptcy Code allows you to keep property or assets by claiming them as "exempt" under either Federal or State exemption laws.

Chapter 7 bankruptcy laws provides an "order of relief" that triggers an "automatic stay" thus all creditors and collectors are prohibited from pursuing you or your property outside of the bankruptcy proceeding. This is especially important if you've received a foreclosure notice.

Connecticut Man1 said...

But, most people can not afford it the needed protection anymore. There is the problem with making it harder and more expensive to get a Chapter 7.