Yeah, that “recovery” is just humming right along:
More Americans filed for bankruptcy protection in March than during any month since the federal personal bankruptcy law was tightened in October 2005, a new report says, a result of high unemployment and the housing crash.
Federal courts reported over 158,000 bankruptcy filings in March, or 6,900 a day, a rise of 35 percent from February, according to a report to be released on Friday by Automated Access to Court Electronic Records, a data collection company known as Aacer. Filings were up 19 percent over March 2009. The previous record over the last five years was 133,000 in October.
Long term unemployment is rising and housing continues to wallow in depression. Its natural that a lot of people are just giving a heave-ho to the whole concept of debt and looking for a fresh start. I’m not filing for bankruptcy, but I am – as they put it – “de-leveraging”. I’m banking money and getting rid of debt and as long as I live, I’ll never borrow for anything other than a house. No more credit cards; no more installment loans, no more auto loans – nothing. If I can save for it and buy it, then I’ll get it – if I can’t, then I won’t.
But the poor people who are really caught in a bind – they pretty much have to file for bankruptcy. No dishonor, in my view, on that. Time to clear up the books, dump the bad assets and start all over again.
Our only problem is that our government hasn’t learned the lesson – easy money got us in to this mess, and government’s answer is to pour even more easy money in to the economy in the hopes that poison will cure disease.
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