Bankruptcies up, again

Bankruptcies up, again

There are 154 comments on the The Indianapolis Star story from Jul 5, 2007, titled Bankruptcies up, again. In it, The Indianapolis Star reports that:

More than a year after a change in the law sharply reduced personal bankruptcies, the number of Hoosiers filing for bankruptcy is on the rise again.

Join the discussion below, or Read more at The Indianapolis Star.

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Sam

Indianapolis, IN

#1 Jul 6, 2007
No wonder with jobs making an exodus out of state and high taxes. Thanks Mitch.
Hello

Indianapolis, IN

#2 Jul 6, 2007
And will keep rising thanks to property taxes.
sealionindy

United States

#4 Jul 6, 2007
"Bankruptcy is not the cause..just the end result". Thank you Ms. Einstein.
Question

Indianapolis, IN

#5 Jul 6, 2007
The article states a couple of times in the beginning, that there were lenient rules pre 2006 and then things changed. I personally have never filed bankruptcy so I am curious... what changed? Anyone out there familiar with the subject? I only ask because whatever it is, it was aimed at making less of these matters happening or else it wouldn't be newsworthy when the filings begin to reach their normal rate. Thank You.
broke

Brownsburg, IN

#6 Jul 6, 2007
A friend of mine filed a month before the deadline for the "change" in the law. She paid the lawyer $300.00 for her case. I filed 3 months after the deadline and I had to pay $1500.00. Plus the court took my $4000.00 federal tax return......
Ouch

Indianapolis, IN

#7 Jul 6, 2007
broke wrote:
A friend of mine filed a month before the deadline for the "change" in the law. She paid the lawyer $300.00 for her case. I filed 3 months after the deadline and I had to pay $1500.00. Plus the court took my $4000.00 federal tax return......
Sorry you got a bum end of the deal like that. I just hope to god it isn't a "law"/"change " allowing attorneys to charge even more ungodly prices for their services. Court filing fees for bankrupcties is about 275 ish (As of April this year). Anything beyond that is simply cash in the attorneys hand. I still think they have an odd philosphy (attorneys that is) "You are in debt up to your eyeballs. Give ME any and all money you currently have and I will make it all "better." Pffft.
Vern for Freedom

Bloomingdale, IL

#8 Jul 6, 2007
Question wrote:
The article states a couple of times in the beginning, that there were lenient rules pre 2006 and then things changed. I personally have never filed bankruptcy so I am curious... what changed? Anyone out there familiar with the subject? I only ask because whatever it is, it was aimed at making less of these matters happening or else it wouldn't be newsworthy when the filings begin to reach their normal rate. Thank You.
Basically, pre-2006, you filed for bankruptcy and were forgiven most if not all of the dept. You started with a clean slate.

The new law requires the person to pay off the debt.(If they couldn't pay it before, what makes them think they can pay it off after?)

The law was pushed through by the credit card companies who said they were losing money.(No ****) They said because of those old bankruptcy laws, they had to charge higher fees. They would lower fees, if these new laws were passed.(Have any of the fees your card charges gone down? Didn't think so.)

It's a racket to make those bankers, who were willing to take a risk on people with little means, lower their risk making money.(It's their responsibility) It's now transferring that risk to society that has to support these bankruptcies.
Here

New Albany, IN

#9 Jul 6, 2007
Sam wrote:
No wonder with jobs making an exodus out of state and high taxes. Thanks Mitch.
Bankruptcies were bad in this state before Mitch. Have you ever heard the words "personal responsibility"? I don't think people know what those words mean. People don't need to buy new cars every other year, or have SUV's bigger than my house that get 2 miles to the gallon of gas. Or stand in line for 5 days paying $600 for a new i-phone or blow $200 a week in lottery tickets when they make $20,000 a year. Yes, we can blame our politicians some but a lot of blame needs to go to ourselves. We need to educate ourselves better on how to save money instead of blowing it on crap.
karensflowers

AOL

#10 Jul 6, 2007
I'm not sure why the government is allowing this but, my daughter was one day late with a $39.00 charge card payment (she mailed it on time)and was charged a $39.00 late charge and a $2.50 processing fee for the late charge.

Talk about racketeering.
First thought

AOL

#11 Jul 6, 2007
broke wrote:
A friend of mine filed a month before the deadline for the "change" in the law. She paid the lawyer $300.00 for her case. I filed 3 months after the deadline and I had to pay $1500.00. Plus the court took my $4000.00 federal tax return......
That's just not right. You should have been able to screw everybody out of their money AND be able to keep every dollar you could.
how

United States

#12 Jul 6, 2007
How does that one guy live in a house since the 1940's and still owe $900 a month in mortgage. He doen't sound like much of a planner.
DITCH MITCH

United States

#13 Jul 6, 2007
Mitch caused some of this. Him and his rich buddies got richer selling the Indianapolis Power & Light Co.. The employees lost their retirements. Mitch probably feels no compassion for those people.
Stumblebum

United States

#14 Jul 6, 2007
My property tax has now more than doubled, and I'm far from alone. This is an all-out assault on home ownership, a massive property grab by endlessly greedy politicians.

The officials who perpetrated this need to be removed from office and the increases rolled back. Even before the massive property tax increases Indiana was already among the states with the highest tax burden. In a ranking of 51 cities published earlier in 2007, Indianapolis had the sixth highest tax burden. This rape of the homeowner must be resisted.

See: http://money.cnn.com/galleries/2007/pf/0704/g...

This tax increase not only ups the risk of mortgage default and bankruptcy, it severely damages the business climate of the city. Dollars that are grapped by politicians are not spent or invested by taxpayers.
First thought

AOL

#15 Jul 6, 2007
how wrote:
How does that one guy live in a house since the 1940's and still owe $900 a month in mortgage. He doen't sound like much of a planner.
He sounds like a great planner. Sounds like you don't know much about investing.
Kumar

Avon, IN

#16 Jul 6, 2007
Sad/funny/whatever that this online story was just showing above one about the increase in property taxes.

It'll be too late for many (including the politicians we vote out), when we finally switch to mainly using an income tax.
Bud Barton

Kendallville, IN

#17 Jul 6, 2007
I think you forgot to add Taxes as one of the reasons.
Stumblebum

United States

#18 Jul 6, 2007
The income tax is even more damaging. The problem is a government whose spending is out of control, not that taxpayers aren't being scalped by the appropriate tax.
Kumar wrote:
Sad/funny/whatever that this online story was just showing above one about the increase in property taxes.
It'll be too late for many (including the politicians we vote out), when we finally switch to mainly using an income tax.
Watch your spending

Jeffersonville, IN

#20 Jul 6, 2007
Bud, we're all gonna pay taxes. Using a credit card is your personal choice.

This country is becoming a bunch of panty wastes who do nothing but watch TV, play video games and want everything NOW.

It's pathetic and gonna bite everyone in the rear one of these days.

Since: Dec 06

Indianapolis, IN

#22 Jul 6, 2007
Stumblebum wrote:
This tax increase not only ups the risk of mortgage default and bankruptcy, it severely damages the business climate of the city. Dollars that are grapped by politicians are not spent or invested by taxpayers.
Tell the politicians that you elect to stop spending money. It is as simple as that.(Realize that you will then complain that you are no longer getting all of the same services for "free" that you were before.)
really

Louisville, KY

#23 Jul 6, 2007
It's time for another voice

The taxes have always sucked, don't vote- regardless of which party is in office.

People will get mad blame the Rep. Gov. for the high taxes, vote in a Dem (conveinently forgetting that we have a DEM congress who actually votes on property taxes). Anyway, other taxes will go up and they'll get mad and vote in a Rep.

It's a vicious cycle. Until people stop blaming their government and start placing the blame on their own irresponsibility things will never change. Stop spending more than you make, and in except for the medical exception, you will never have to file bankruptcy.

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