will 2010 be another big year of filing bankruptcy?

[BrokeIn2010]

Add it to the list of things to write and b---h at the Congress critters about: Debt amnesty for hardworking Americans.

[OhioFiler]

Here's what I don't understand:

Given the billions (trillions?) pissed into the TARP bucket, couldn't the Fed, Congress, whoever, just declared a debt amnesty for all unsecured debt? Basically said: Okay, for Bank "X" to get any TARP funds they have to declare all unsecured debts null and void. Frees up money for people to spend where they need it, it's the same effect as a BK-- in terms of the companies still getting nothing.

The concept of debt amnesty belongs in a nation ruled by someone like Hugo Chavez, not the United States of America.

I wouldn't be surprised to see Obama try something like this though. Who would have thought our government would have ever nationalized a large part of the automobile industry? Obama is Hugo Chavez in a smaller suit.

[SleepWellNow]

I was reading an article yesterday on the new credit card requirement of stating how long it will take to pay off a balance making minimum payments. I think more people are going to realize it is highly unlikely they will ever be able to pay off the balances. That alone could drive more people to file BK.

[OhioFiler]

Out here in California were expecting to get over 250,000 filings this year. With unemployment increasing housing foreclosures on the rise, I think that number might even be conservative. I just heard on the news today that ABC news is cutting 25% of their workforce worldwide. I don't think recovery of the economy is in the works as of now. There is a lot of downside to come

The market is working. The old media is dying.

[Shawshank]

I was reading an article yesterday on the new credit card requirement of stating how long it will take to pay off a balance making minimum payments. I think more people are going to realize it is highly unlikely they will ever be able to pay off the balances. That alone could drive more people to file BK.

I completely agree with you.
I think people are going to be shell shocked when they realized how bad it really is, AND they will see this information month after month.
That will provide a major wake up call for a lot of people!

[onthebrink]

There were 35 foreclosures listed in Yahoo Real Estate in one of the best neighborhoods of a major US city. If there are 35 in foreclosure, I wonder how many are in default. No one is left unscathed.