bankruptcy is common in today's world. if you feel that you got bankrupt already then file for it.no reason to be shame of. i got my help in filing my bankruptcy from onlinebkassist.com. if you want help too just go to their website.

Check out http://www.obamamortgagerelief.org/ There needs to be a program for the elderly but not quite to retirement age for mortgage modification when the have lost their job during this particular recession. I made a decent wage because I put my time into a company and now have no job. I am looking at $10 - to $12 hr jobs after working all my life. You can't make a mortgage payment on that kind of money. I will eventually lose my home.

Suddenly, the Constitutionistas can't read that bankruptcy is Constitutionally protected. It prevents the neo-Aristocrats from throwing people in debtors prisons. I find it ironic that Republicans whine about bankruptcy when businesses file for bankruptcy all the time to screw over shareholders and employees. It is now a standard business practice. Instead of actually planning, organizing and negotiating businesses declare bankruptcy. However, when individuals do it, it is some great evil - no, it is as American as owning a gun.

silentmelody - well said

http://frwebgate.access.gpo.gov/cgi-bin/... support this and many bankruptcies would be preventable.

curtaincall- i am tired of you complaining about my opinions. Like I said if you COULD READ. Yes some need this options and I know one who takes advantage of this option and buying things they cannot afford. It isnt medical bills because they get that for Free. The wife has a degree and could work to support the family and make a very decent wage and wouldnt have to live off the gov and tax payers and file repo and forclosure and bk BUT WONT!! IF you didint hear me this time I will repaet myself. I am talking about the people who TAKE ADVANTAGE of things in life.

What this really underscores is the need for consumers to get educated and be provided with the right information about their options. People frankly did not have enough options to effectively deal with their financial issues. Instead of narrowing their options further still, everyone will be better off if we work to foster better sense of fiscal responsibility in our communities.

“When unemployment benefits end, we will see a larger increase in filings,” said Sandra Baner of Baner & Associates in Janesville.

Duh.

That's something that baffles me, kiowamohican. Why no angry mobs with torches and pitchforks chanting the evils of credit spreads? If I were one of the privileged class who borrowed the taxes you paid at 1%, then loaned that back to you at 25%, wouldn't you be a tad bit irritated with me?

I agree when unemployment starts running out we are going to see a lot of things we don't want t see.

Unidentified:
It won't even really be a "double dip". We are still in recession right now. The only double dip you will see is in the charts of the markets when the sucker rally comes crashing down. A rally that is being propped up by a mass flooding of liquidity from the feds, an outrageous amounts of "stimulus" financed by the Chinese, and credit spreads that practically allow banks to steal $$$$$.
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It will all come crashing down yet again, and when it does, you will hear the talking heads say it was a "double dip" when in fact the recession never even ended in the 1st place.

There ya go..All the more reason to nationalize health care. Then you don't have to worry about an individual going bankrupt. You'll simply just bankrupt the entire country!

The heck with bankrupcies, foreclosures and what not. My biggest worry and fear, is when UC benefits start running out..what on earth are people going to do? Sadly, for the first time in my life, the house doors are being locked at night and when we are gone. A recent visit from a JPD officer informed us of over 90 break-in's a week. People are going to be desperate to provide for even the basic needs. One good thing, is that we will finally realize that we can live without premium channels, cell phones, and our "toys". God forbid, though...I can't imagine living without the internet!!! Yep, I'm serious on that one folks! Anyway, how do you think people are going to make it this winter? I can't even begin to tell you how many people in my family are unemployed. And all those getting re-educated at BTC...where are they going to find a job? All the manufacturing jobs are going to Mexico and abroad. And I'm not buying the excuse that it's simply to "consolidate" and utilize existing resources as one company recently explained. It's cheaper wages so the company can make more money for themselves & investors. Corporate America is selling us out for the almighty dollar. Being comfortable & successful is no longer enough. We got to have it all, and then we look for whatever else we can strive to acquire. I'm afraid to see neighbors struggle to feed their children. Or children stealing to fill their bellies. Right now it's stealing for creature comforts that they want and have no hope of getting ... but soon it may be to just stay alive. We aren't there yet, but how far off is it? How much more job loss can Janesville endure? Soon I won't have to worry about staying in Janesville to be with family...heck, I'll just move closer to my employment and take every single member of my unemployed family with me! They will have better odds of finding employment in the county where I work. The thought of three generations living under one roof has always been something I couldn't imagine (would put an end to my sanity), but I'm starting to realize that kids under foot and others invading my privacy won't be near as upsetting as worrying how they will survive with no money and no hopes of finding jobs.

Your credit is shot either way you look at it. So why not get a fresh start and file. Who cares what these yahoo's out here say. It takes you years to build good credit and a matter of a few missed payments to mess it all up. Look what the goverment has given to these credit card companys to help them out and what have they done for us. "Nothing"

Like I said no one should lose it all due to medical bills. That is just wrong.

FYI...the #1 reason for bankruptcy in this nation is catastrophic illness and not credit cards or money mismanagement. Go figure....

I am a stay at home mom, my husband was just laid off. I am so grateful for driving old vehicles. They may not be pretty but they run. No we did not jump at the clunker program, there is something to be said for no payments. We have our house payment, but it will be tight and there will be very little 'fun.' and we have a savings and 401k. But should be able to make our house payment and buy food, and pay the essentials. However his employer will continue to pay the health insurance for now. That is the saving grace in all of this is the health insurance. With 3 kids we would be so screwed. I have empathy for those with big medical bills because all it takes is one crisis, one emergency room visit, one hospital stay.. and the bill is outrageous. It has to change. No one should lose everything over medical bills.

I have noticed hannah make racist comments, make accusations about people who passed away,(even though the article did not support was she was saying.) and now the attitude on this. This girl has some serious issues. I doubt she is a perfect as she tries to come across on here. She actually sounds like a very angry person.

excuse me , ' no wrong.'

looks like hannah is back from bashing dead people to bashing unemployed people , who are lucky to have food to eat..What a human being you must be hannah. god help us.

When medical bills get to be in the double digits, you will never see day light. Maybe if medicine did not become so much about profit, it would be a lot more affordable.

People should also know that many clinics and hospitals have programs for people who can seriously , honestly not pay. They have a formula they use, and alot of times they will write part of it off .

But a family of 5, making only 1200.00 a month due to unemployment there is no way. That is way below poverty level.

Hannah is such a freakin joke.

curtain call- why shouldnt you pay your medical bills if you dont have ins??????????

credit card usually jack up the rate cause you wont pay your bill ontime!

yes I forgot the divorce one. the rule is if you get divorced you dont have any more obligation to pay what ever you owe to people. NOT. Pay what you owe.

big smurf- as I said NOT all but as I said I have seen it personally with somebody I work with!!!! over and now again. If they BOTH quit smoking that could pay some bill eh?!! Oh I know it is an addiction- well it is one you cannot afford so you better stop so you can pay your bills and your 150 month bundle and 1000 minute cell phone. your case is real i understand and so is this one which I DONT UNDERSTAND and who I am talking about!

People do not file bankruptcy on a whim. Most people who create a huge pile of debt intentionally never file for bankruptcy. As someone else stated those people don't give a damn, they have no intention of paying, and no assets so why bother filing for bankruptcy.

Most people do file to try to save their house or huge medical bills. But people who do it to save their house should know from the beginning it is no guarantee it will save your house, and you should discuss that issue with a lawyer.

The people who file for medical reasons, how truly awful for them. Another reason for health care reform. Medical bills add up so quickly.

Filing chap 7 must suck, and no one is going to file and take that lightly. You lose it all, house, car .. etc ..

I think as well if you file chap 13 you are under the courts thumb for years. NO easy answers.

Some of you forget that not only are people losing jobs, there are also increases in water, utilities, and other necessary bills. Also cities trying to pass unnecessary things like renovating the ice rink for the Junior Hockey Team, bike tunnels, etc. and increasing our taxes when everyone is hurting big time. No one can live in their homes anymore keeping up with all these increases.

bigsmurf is the photo child for most of bankruptcies in this country, medical is about 50#, No Where Else in the Civilized World can you go bankrupt from medical bills.

I asked my daughter about this as she works in the Fed.Bank Office in Madison , and she said right in the chap 7 and 13 bankruptcy paper work it asks what in the last year to 24 months have you charged, taken a loan out on, borrowed money for etc.. ALSO if someone does this the creditors always contest/challenge the claim. Things have changed in the last few years, and it sounds like Janesville2Wauk. is lost. A judge can disallow some debts (in other words Janesville2Wau) not allow them to be discharged. I have no doubt some people rack up big debt thinking they will just file bankruptcy but are very surprised when they go to file. Hopefully Janesville2, will be able to find his way out of his box.

fromjanesville2waukesha, you are the one who has your facts wrong.

Queen, are you kidding me? You both are clueless.

For all of you who think people file because they foolishly spend and "have our nails done, have our beer, and our cigs" get a clue! My husband and I just filed chapter 7 in April due to us both losing our jobs and having $38,000 in medical bills. We don't own credit cards- never have, never will, don't have cell phones, don't have a vehicle payment, don't have a mortgage, and believe me when I say we have 3 little mouths to feed with no food in our cupboards. We are a family of 5 living off of $1200 per month. Yes, I would love to have my nails done- or get a hair cut since I haven't had one in 2 years for that matter- but both my husband and I go without. So next time someone wants to slam people for filing bankrupt, know the facts behind why some of us file.

If you fromJanesville2-- if you knew anything about what you were talking about, you would know bankruptcy courts and laws do not allow you to go out and 'rack' up a huge amount, or make a big purchase and file bankruptcy.

** I work in a attorney's office and deal with this more often lately than not.

Also if you are poverty level or below, fee's can be waived by the courts.

Really if you do your home work you do not need a lawyer. If you have big assets such as a house , yes you may want a lawyer. Each situation is different.

We see it all , very seldom is it because people were careless or foolish.

Those people don't usually file for bankruptcy because they don't give a damn. They won't bother filing, they just let creditors chase them around for the next 7+ years.

jvillerdr, obviously you know me by your last entry. I don't know what the government giving out tax dollars has to do with this. In your humble opinion, who would constitute a shining pillar of the economic system? Bankrupt people? Congratulations, i vote you the smartest person sitting at your computer.

It does not cost $15,000 to file personal bankruptcy -- certainly not Chapter 7 liquidation. A Chapter 13 payback bankruptcy might rack up that much in legal fees over the 3 to 5 years of supervision, but it's folded into the bankruptcy payments. Most are probably more like $5,000 (and the average Chapter 13 is several times that). A Chapter 11 business bankruptcy might be $15-20,000 and up, though.
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Bankruptcy is only legal if you are already insolvent. That is, you owe more than you can repay in up to five years. A longer payback period is deemed to be financial enslavement. Creditors may not get all their money, but they do get to write off losses. The debtor eventually gets a chance to start fresh. Even the Bible says to cancel debts after seven years!
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The majority of bankruptcies are due to unpredictable events, ranging from medical costs to divorce to job loss to business failure. They are not supposed to be a way to rack up debt and then walk away from it, nor do studies show that any more than a small percentage of filers even remotely fit that description. Frivolous filers are supposed to be counseled into a payback plan through credit counseling, and only if that is impossible are they eligible for bankruptcy at all, and then the law determines for the most part which chapter they may file.

fromjanesville2waukesha, you might want to take econ 101, if you can spring for the class w/o a student loan. Supply and demand are primarily what set prices. Also maybe you didn't get the point of all those stimulus checks and such -- they were trying to get people to spend. So apparently not everyone shares your economic minimilism philosophy. Frankly I think we all should downsize -- and in the next few years most of us will have to like it or not -- but I don't think you're quite the shining pillar of the economic system that you think you are.

jvillerdr- Maybe i should reconsider my opinion. Yea, i will. Instead of "dealing" with my older TV, computer...I'll go out the store tonight and max out my 30k worth of available balance on credit cards then file bankruptcy. In fact we can all do that. But wait, if you didn't have the people who fulfill the obligations of the bankrupt through higher prices and rates, how does an economy continue? Making a mistake or two is one thing. Have 15 charged off credit cars, repos, forclosure...is another. As for my car breaking down, i don't need your help, i'll just call Obama.

fromjanesville2waukesha -- wow, you're so wonderful, what a stand up person, yay you. What a big person to bash people who have had hard times or made mistakes. Hopefully if your car breaks down on the side of the road some day, you get as much compassion as you have for others. Could you please put your log in name on your car so I know not to stop?

Deadbeat: A lazy person or loafer; also, one who does not pay debts.

My yearly pay has been cut in half for the last two years. I draw as little as possible from savings but most importantly, i and others don't carry a credit card balance. Fortunately we've all had the last decade to prepare our savings accounts for this "economic downturn." (except for the deadbeats)

leftofcenter, what I'm saying is you can bet the credit card companies have studied this and the reason they are hooking people in when they know they can't pay (not to mention hiding terms and jacking up interest rates unexpectedly on people) is they make money in the meantime. If you think the poor li'l credit card companies aren't taking care of themselves, you are in la la land. Whether people foolishly fall into their traps are not, I just don't feel sorry for the credit card companies.

I like the joke about the guy who goes to the lawyer to file for bankruptcy and the lawyer says, "It will cost you $15,000 to file." The guys says, "Um, you're missing the concept here."

I agree know amount of saving or preparing can save all. They used to say have 3 months worth of income saved, and now its 6 months and as of late thats not even enough due to the economy. I worry about when people's unemployment benefits run out and they still have no job, then you will really see filings of all kinds go up.

ONE of the biggest reason people file for bankruptcy is MEDICAL.. and Unemployment... Medical Bills would bankrupt anyone if you have no insurance... There are many people who have worked hard all their lives that are now unemployed and going through their savings and are having to think about bankruptcy. LEFTofRight walk in their shoes it will knock you down a peg or two.

I fear this is going to be a double dip recession. We'll get a few good indicators and some temporary stimulus, but then we'll hit the toilet again, because there are no long term solutions in any of these proposals. People have to do whatever they can to survive. In some cases no amount of preparedness was going to save some people. If your house is worth a third less than you paid for it and both you and your spouse get laid off, then guess what... you burn through your savings in a few months and you can't sell your house.

Jvillerdr and big girl - are you actually trying to say that it is the credit card companies' fault that people go into debt? And queen b - I am neither holier than thou, or angry at celebrities. I am just staying that don't spend it if you don't have it, and when you have a job, save your money for a rainy day. This recession hardly snuck up on anyone - except for those that were at the mall. If you rely on someone else to make your way in this world, then you are one employer away from the soup line.

As far as the comment made about the banks getting all the bail out money. Indeed true, but who let them get the bailout? It was your wonderful congress and President, in a total BIPARTISAN way. Obama, McCain, Bush were ALL big proponents of TARP, along with huge bipartisan support in congress.
It's the new oligarchy rule, do not kid yourself
Welcome to the 21st century!

This is just the start of things to come in this total economic melt down. i always get a laugh hearing the conventional wisdom of "unemployment is a lagging indicator" and how many now think that we have come near a bottom. I would subscribe to the economic theory that unemployment is more accurately a LEADING indicator of things to come, and this story adds credence to that theory. As unemployment rises, you begin to see more and more foreclosures, and bankruptcy fillings. especially after unemployment benefits run out; as detailed from this article.
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You are basically going to see a huge 2nd wave hit us in the coming years as the effects of unemployment will tank the economy even further. The term "jobless recovery" which has been touted by the feds, and the current administration, is a total fallacy. An economy does not recover with mass unemployment.

told you here it comes.

Yes I understand some NEED to file. Others dont. I am speaking of the OTHERS. You also know these rates when you buy things that you cannot afford or cannot pay off in one month. It isnt a big SURPRIZE whe you get your bill.
Yes I have credit card debt as well because of the economy BUT I use those bal transfers for 0% or 2.9% and move it to another when it is done for a small fee. I have NEVER paid 22% on a credit card. I also dont go bk cause I owe debt. I made it and will pay it off someday.

I knew a relative this was her "plan" go bk every 7 years and charge up what she could and go bk again.


I have personally seen a couple who bought car after new car and couldnt afford it and pyment kept going up cause they traded 1 year after 1 year and bought a home whe they could hardly pay the rent. yes 2 repo- i forclosure and bk. well it as been 7 years since the last repo and bk.

Look at all the credit card companies who took the bail out money, who fought the new laws regarding credit card companies. They want tax payer money and stick it to their customers.

Hannah&LeftCenter, you want to be holier than thou walk in the shoes of the unemployed. You want to be angry about people who file bankruptcy, be angry with these so called 'celebrity's' who file for bankruptcy. How they can I don't understand it. Because in Wisconsin the bar is pretty low in terms of how you can make and still file for bankruptcy. It seems like the 'rich' always find a way around the laws.

Well said, biggirl. Credit card companies actually profit from getting people into a debt trap and collecting minimum payments until they bleed their victims dry. Their tactics are well documented -- and not so "priceless" as they would have people believe. http://www.careonecredit.com/knowledge/c...

leftofcenter: I recommend that you look at the bankruptcy reform of 2005, which does precisely what you say. Very few people can file Chapter 7, and the restrictions on it are quite stringent. Actually, this has been bad for our country, and has led to the credit card company charging larger and larger interest rates. (By the way, they don't lose money on these "loans" because the creditor often pays 2 and 3 times what is owed by the time s/he may file bankruptcy). All you Christians out there: we used to believe that usury was immoral. Why no discussion of immorality when it comes to business issues?

I agree well put. I didnt want to be the first to state something like this and be bashed for it. Cant afford your bills yet your nails are done, youre all tanned, stocked up with cigs and beer and cannot pay your mortage or bills and I am not talking about your high speed internect bundeled with your 130 month tv pkg with all the movie channels and your cell phone with 1000's of minutes.

Bankruptcy costs everyone. It's too bad people can't manage their money, and buy what they can afford. We are hurt by the downturn too - but didn't go buy a 300K house even if someone told us we could afford it. Bankruptcy should only allow you to defer your debt, not walk away from it.