Personal Bankruptcy Filings Rose 51% ...

Personal Bankruptcy Filings Rose 51% In State Last Year

There are 20 comments on the Hartford Courant story from Feb 16, 2009, titled Personal Bankruptcy Filings Rose 51% In State Last Year. In it, Hartford Courant reports that:

Reflecting the toll of recession on individuals and households, personal bankruptcies in Connecticut rose by more than half in 2008, according to a new report.

Join the discussion below, or Read more at Hartford Courant.

Economics 101

United States

#1 Feb 17, 2009
If overspending causes people to go bankrupt what happens when the Federal and State Government overspend?..
Will they go Bankrupt too or will they just raise taxes on individuals causing more of them to declare bankruptcy?...
Just a thought.
Shoreliner

Hudson, NH

#2 Feb 17, 2009
These are the stories that I hate to read.

My heart goes out to each and every one of the people who filed BK. To me, the people involved are just that, people, and not statistics.

To me, while no plan is fullproof, people need to begin to reorient themselves and their finances by considering multiple 'what if' scenarios.

What if:

- I lose my job
- My spouse loses his/her job
- Inflation increases to over 10%

There are a ton of 'what if' scenarios that could be run. People need to prepare themselves for life changes and not be surprised by them.

Living from paycheck-to-paycheck is not a winning strategy. We must all learn to say 'No' and exercise some fiscal discipline.

This means conducting their finances in a conservative manner and having plenty of savings.

This means instead of buying a new car ever 5 years, purchasing a new car every 10 years as the projected lifetime savings from this practice is about $500,000.

This means buying a house with at least 20% down with a fixed interest rate for 30 years.

This means paying off all credit card bills every month. If you can pay off the amount in a month, you restrict purchases until you can.

This means having a rainy day fund of at least 6 months of monthly expenses.

This means being able to say 'No' to the next latest and greatest spending opportunity.

Hopefully, we can all learn from the challenges we are currently facing so that the future for our kids and grandkids will be even brighter.
Shoreliner

Hudson, NH

#3 Feb 17, 2009
Economics 101 wrote:
If overspending causes people to go bankrupt what happens when the Federal and State Government overspend?..
Will they go Bankrupt too or will they just raise taxes on individuals causing more of them to declare bankruptcy?...
Just a thought.
Exactly, that is what the $787 million 'stimulus' bill was so wrong. Its ultimate cost will approach $3 trillion and we will have litle to show for it except for a high speed train from Las Vegas to Disneyland and the prevention of mice extinction in San Francisco.

If it has to, the government will simply print more money to pay off the borrowings. This will result in rampant inflation.

Welcome to the Weimar Republic II.
Reaganomics

Marstons Mills, MA

#4 Feb 17, 2009
Shoreliner wrote:
What if:
- I lose my job
- My spouse loses his/her job
- Inflation increases to over 10%
Should've bought gold back in 2001 when it was $300 an ounce.
Oh yeah

East Hartford, CT

#5 Feb 17, 2009
Reaganomics wrote:
<quoted text>
Should've bought gold back in 2001 when it was $300 an ounce.
You got that right!
regan

Wilmington, NC

#6 Feb 17, 2009
Reaganomics wrote:
<quoted text>
Should've bought gold back in 2001 when it was $300 an ounce.
or oil stocks when the oil man won the election. or you could buy oil/gold now. we all know inflation is coming. look at all these bailouts, money being printed with no backing. watch gas will will be 3 bucks a gallon this summer and everyone will be bitchin again. nothing will change
Richard

Lincoln, NE

#8 Feb 17, 2009
It seems to be getting bad indeed ... about the only ones you can trust these days are the politicians, like Sen. Chris Dodd.

(Hey, I know I have a weird sense of humor.)

Since: Jan 09

East Hartford, CT

#9 Feb 17, 2009
Wow!!! What a shock !!! Bankruptcies
rising? In Connecticut? My My.....
We are a culture of greed and instant gratification. While I give no carte blance pass to individuals, myself included with reference to the "Easy Credit" that was passed out by Banks WHO KNEW this would happen, When you give out credit as if it were free people will take it. Everyone wants "The Good Life", you know, the one Advertisers tell us that we must have or we are nothing. They sell we buy!!!We are the"Tricks."
The Bill is now due and the price tag for our future is balooning beyond our control.Pity our Grandchildren. I am not so sure that this "Bailout/Stimulus Package is the answer....I see it as transferring one addiction for another. Get people to use a different addictive drug to achieve the same result. Spend, so you can get more credit, so you can buy more stuff, so that you can get back to business and live beyond your means once again. "Happy Days Are Here Again !!!" Boy do we need an ENEMA.If we are to survive, we at the grassroot level must be the torch carriers.If we as people do not demand accountability from those who lead and lend then a change will come and it will be ugly before it evolves into beauty. Accept this gruesome truth and we may survive. It is time for the enabling to stop, only the truth of the harsh realities that we will face will deliver us. Continue on the path we are ONCE AGAIN traversing, Lend ,Charge,Die with little limits and we are completely D.O.N.E.
The Shadow Knows

Marlborough, CT

#10 Feb 17, 2009
Richard wrote:
...about the only ones you can trust these days are the politicians, like Sen. Chris Dodd.
That sonofabitch and the rest of his cronies in DC GAVE THEMSELVES EACH a $4,700 raise, folks!!!

At our expense, no less.

It's time for pitchforks and torches, people. Nothing is going to change until some heads start rolling.
ahhaha

Wilmington, NC

#11 Feb 17, 2009
im happy about this, bout time ppl start working 2-3 jobs like the rest of us
what

United States

#12 Feb 17, 2009
"rest of us"
Who are "us"?? And why are you applauding this effed up economy?

Since: Jul 08

Southington

#13 Feb 17, 2009
three trillion dollars divided by a guesstamate of 230,000,000 persons in US (over 18) gives us $13,043.00 each to pay back this debt. Thank you Mr. President.
Shoreliner wrote:
<quoted text>
Exactly, that is what the $787 million 'stimulus' bill was so wrong. Its ultimate cost will approach $3 trillion and we will have litle to show for it except for a high speed train from Las Vegas to Disneyland and the prevention of mice extinction in San Francisco.
If it has to, the government will simply print more money to pay off the borrowings. This will result in rampant inflation.
Welcome to the Weimar Republic II.
OMGWTFBBQ

Windsor, CT

#14 Feb 17, 2009
R U sh10 Me wrote:
three trillion dollars divided by a guesstamate of 230,000,000 persons in US (over 18) gives us $13,043.00 each to pay back this debt. Thank you Mr. President.
<quoted text>
I have to tweak your numbers a bit. 3 trillion $$$ divided by 340,000,000 (US population) equals $8823 per person to pay back this debt.
Dice

United States

#15 Feb 17, 2009
Shoreliner wrote:
<quoted text>
Exactly, that is what the $787 million 'stimulus' bill was so wrong. Its ultimate cost will approach $3 trillion and we will have litle to show for it except for a high speed train from Las Vegas to Disneyland and the prevention of mice extinction in San Francisco.
If it has to, the government will simply print more money to pay off the borrowings. This will result in rampant inflation.
Welcome to the Weimar Republic II.
The largest deficits in the last 25 years were created by Ronald Reagan and George W. Bush.
fix it

Wilmington, NC

#16 Feb 17, 2009
OMGWTFBBQ wrote:
<quoted text>
I have to tweak your numbers a bit. 3 trillion $$$ divided by 340,000,000 (US population) equals $8823 per person to pay back this debt.
i have to fix both of ya'lls math. its 3 trillion / 160 million US tax filers. you don't work you dont pay taxes you dont get a check ya lazy bum.
Mike

Monroe, CT

#17 Feb 17, 2009
This is one of the most compassionate posts I've read in some time. It's nice to read something that makes sense and isn't an angry rant. Life isn't going to be easy for some months (years?) to come, and it'll be more civilized if we resist the temptation to turn on one another like animals. Thank you for your post.
Shoreliner wrote:
These are the stories that I hate to read.
My heart goes out to each and every one of the people who filed BK. To me, the people involved are just that, people, and not statistics.
To me, while no plan is fullproof, people need to begin to reorient themselves and their finances by considering multiple 'what if' scenarios.
What if:
- I lose my job
- My spouse loses his/her job
- Inflation increases to over 10%
There are a ton of 'what if' scenarios that could be run. People need to prepare themselves for life changes and not be surprised by them.
Living from paycheck-to-paycheck is not a winning strategy. We must all learn to say 'No' and exercise some fiscal discipline.
This means conducting their finances in a conservative manner and having plenty of savings.
This means instead of buying a new car ever 5 years, purchasing a new car every 10 years as the projected lifetime savings from this practice is about $500,000.
This means buying a house with at least 20% down with a fixed interest rate for 30 years.
This means paying off all credit card bills every month. If you can pay off the amount in a month, you restrict purchases until you can.
This means having a rainy day fund of at least 6 months of monthly expenses.
This means being able to say 'No' to the next latest and greatest spending opportunity.
Hopefully, we can all learn from the challenges we are currently facing so that the future for our kids and grandkids will be even brighter.

Since: Jul 08

Southington

#18 Feb 18, 2009
Read I said guess of population over 18 years old.
OMGWTFBBQ wrote:
<quoted text>
I have to tweak your numbers a bit. 3 trillion $$$ divided by 340,000,000 (US population) equals $8823 per person to pay back this debt.
OMGWTFBBQ

Windsor, CT

#19 Feb 18, 2009
R U sh10 Me wrote:
Read I said guess of population over 18 years old.
<quoted text>
I don't know how to read. I went to New Britain public schools.
Pull my finger

Johnstown, PA

#20 Feb 18, 2009
The bankruptcy laws were changed to make it more difficult for deadbeats to file and stiff all their creditors. Looks like it didn't work too well. There's a lot of irresponsible people out there. Let's blame it on the banks for giving out easy credit. Not! How about we blame those who didn't think ahead and took the credit without thinking what they would do if hard times came along. Oooops....that's not politically correct. It's not their fault. I know....let's blame it on the banks and financial institutions anyway. After all, it is the American way to blame somebody/something else for your own shortcomings or lack of foresight.

Since: Jul 08

Southington

#21 Feb 19, 2009
OMGWTFBBQ wrote:
<quoted text>
I don't know how to read. I went to New Britain public schools.
My wife went there. I understand. My Sympathy.

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