With the number of bankruptcy filings by U.S. consumers and businesses surging, 2009 has been marked as the seventh worst year on record. 1.43 million petitions have been submitted nationally, over 20,000 of which were in Central Florida!
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Reuters is reporting that a leading credit card industry analyst believes that major credit card lenders plan to reduce lines of credit by over $2 trillion over the next 18 months. Consumer liquidity will decline by approximately 45% says Meredith Whitney a banking analyst for Oppenheimer & Company.
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Every week, Clark and Washington gets calls from elderly clients asking for information about bankruptcy because of unmanageable debt. And all too often, this debt arises because the senior overspent on television home shopping programs or because the senior succomed to the pitch of a telemarketer.
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If you ask 10 bankruptcy lawyers why their clients file for bankruptcy, you are likely to get ten different answers. I ran across this post from the Silicon Valley Blogger on the Digerati Life blog that offers the following reasons:
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Last week the Tampa Tribune published a timely article about a growing problem in the Tampa/St. Pete area – lawsuits against consumers for repossession deficiencies.
In difficult economic times, cash strapped families sometimes come to the realization that they simply cannot afford a car or truck payment. As difficult as it may be to get to work or to shuttle the kids around town with one car, getting rid of that second car or truck payment may seem like a good idea, especially if that second vehicle is a gas guzzling SUV or truck.
More on Repossession Deficiency an Unpleasant Surprise if You Walk Away from Your Vehicle Loan
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