Bumper Crop of BK filings in 2010

[Dst1]

www.nmcourt.fed.us/usbc/.

New Mexico bankruptcy filings in 2009 — 6,129 — were 34 percent ahead of 2008, when 4,581 bankruptcies were filed.

That is slightly more than the national increase of 31.9 percent, according to the Administrative Office of the U.S. Courts. in Washington, D.C.

"The number of bankruptcies filed in the U.S. in the 12-month period ending Dec. 31, 2009, totaled 1,473,675, up from 1,117,641 bankruptcies filed in calendar year 2008," a statement from the office said. "Filings have grown steadily since 2006, when bankruptcy filings totaled 617,660."

With the economy weak and joblessness high, Meyer estimated that New Mexico bankruptcies could hit 7,500 this year, which would be a 25 percent increase. "We could even push 8,000," he said.

Bankruptcy filings in New Mexico peaked at 12,424 in 2005, many of them in an effort to avoid the Oct. 17, 2005, implementation of the federal Bankruptcy Abuse Prevention and Consumer Protection Act.

"We're edging back into that territory again," Meyer said. "We will be there if this keeps up."

The new bankruptcy law made it harder to escape debts by filing Chapter 7 bankruptcy, which allowed filers to write off most unsecured debts.

It also directed people away from Chapter 7 and into Chapter 13, which requires setting up a plan to repay debts over five years.

The number of New Mexico bankruptcies may be rising, but it's nowhere near the number of bankruptcies in California, Arizona, Nevada and other states hard hit by deflation of the real estate bubble.

"There's a lot of pain and suffering going on around the country," Meyer said. "You look at ours, and we're up 34 percent in bankruptcies. In Arizona, they're up 75 percent. Good old New Mexico — we're closer to the national average than the extreme."

As for Santa Fe County, the numbers show there were 411 filings in 2009, compared with 249 in 2008. That's an increase of 65 percent.

Both Taos (4 percent) and San Miguel (8 percent) were up slightly, while the filings in Rio Arriba were down 32 percent.

Filings in Los Alamos County were not available.

http://www.santafenewmexican.com/SantaFeNorthernNM/30bankruptcy

[frogger]

Yes, they're piling in. I'm seeing a lot of them, and seeing more foreclosures and suits than ever. Good thing our economy is doing better or we would really be in trouble!

[StartingOver08]

"There are a lot of theories about that," Meyer said. "One theory is that it's tax season, and people have a lot of taxes to pay and that sort of thing. Another theory is that people have spent a lot for Christmas, and the holiday bills are due. That kind of tips them over the edge."

It seems really odd to me that they would tie in the uptick in Bk filings for March to excess spending for Christmas or extra taxes to pay. It seems to me that a more reasonable explanation would be the tax refund is used to pay the attorney fees so the debtor can actually file! It certainly would be easy enough to actually track, given that each debtor has to provide detailed records of the previous six months.

[justbroke]

Recent taxes are not even dischargeable, so it's not the taxes. LOL!

[banca rotta]

These news posts are just so entertaining.

We hear all the "good news" like consumer spending is up or unemployment is going down then we get these real news posts that show just how much BS all the others are.

The media and govt are selling us a house and once you go inside you see all the termites, rats and roaches destroying the foundation.

I think March is high for filings probably so the filers can get past the 90 day presumption period after all the holiday shopping.

We should check to see if the older laws had the most filings in February since the presumption period was only 60 days and Christmas shopping begins the day after Thanksgiving.

[justbroke]

Unemployment going down... where? Florida just hit 12.2%!

[AngelinaCatHub]

The main stream news is just B. S.

Fact of the matter is what we see every time 'Bammy opens his mouth with that sneering grin and tells us how good we got it then bend over to receive the reward. Business is not going to add or bring back employees until they see some stability. This is going to be long term as this PresBO does not know what he is doing except to bring a "NEW WORLD ORDER" into this once free Country. My Mrs. is into a third year of UC and YES!!! we are going to take it. We need it. Why? Because the job offered was frozen and no other in our little mill town is available.

We are living on a small pension and S.S. Once the SS becomes insolvent or hyper inflation occurs, we will be bill less but also penniless and will not have a reserved space by a bridge to hold "our work for food" cardboard. It will be pre-occupied. This group of so called radicals attempting the "overthrow" is only in an infancy. I fear the real force that could occur. Remember, the "Bill of rights" give permission to overthrow a despotic government. I really hope it is by vote (if that will still be allowed) and not violence.

I am pessimistic, yes. I'd rather be prepared for the worse and hope for the best. 'Hub

[banca rotta]

Unemployment going down... where? Florida just hit 12.2%!

Where??? In media land, in Obama land and in BLS land. According to these geniuses it dipped to 9.7 percent in February and it's probably going to dip again this Friday when the March numbers are released.

They are even going to count the hiring of all the census workers as employed to lower the stats even more.

Oh and sorry to disagree with you justbroke but Fla is much higher then 12.2 when you use the real stats such as burger flippers that used to be Engineers.

Anyway gotta go! American Idle is on. Don't know about you all but that's more important to me right now!! See ya

[justbroke]

Where??? In media land, in Obama land and in BLS land. According to these geniuses it dipped to 9.7 percent in February and it's probably going to dip again this Friday when the March numbers are released.

You may be right. There's some other "land" that generates statistics for the politicians.

The U.S. Bureau of Labor Statistics (BLS) shows it as 10.4% for February 2010 (not seasonally adjusted). I suspect that the politicians are "adjusting" it for seasonal variances, because the number looks better.

I love the BLS' excuse for including people with even just ONE HOUR of employment in February. They call it the "Effect of Severe Winter Storms on Employment Estimates".

This number 9.7% is "baked" so that it was below 10%. The real number, even if they're not lying about the 9.7% "seasonally adjusted" number is 10.4%. I wonder what they are going to come up with for a reason in March? Maybe it will be the "Effect of Daylight Savings Time on Employment Estimates".

I just want people to know that the number is not accurate and BLS is playing with the number. The unemployment rate in Major Metropolitan areas is WELL ABOVE 10% and even BLS will tell you that.

To be fair, one should always look at the "Local Area Unemployment Statistics (LAUS)" and not the BLS National Statistics because they tell you nothing about where you live. Like I said, it's 12.2% in Florida. I mean, why should Michiganders care if it's 8% in Alaska... when it's 15% in Michigan.

[WhatMoney]

U-6 is the most inclusive measurement of unemployment, and rose slightly in February WITH seasonal adjustments. I don't know why you all get upset with the U-3 number the press always quotes. Look at the BLS numbers U-4 to U-6 - no one is fooling you - just look at the real BLS data and ignore the lower U-3 rate the politicians and press use. It's all in the definition of unemployment.

This link gives the National February U-1 to U-6 numbers from BLS:

http://www.bls.gov/news.release/empsit.t15.htm

Some of the states unemployment rates were higher in February and some were less:

http://www.bls.gov/news.release/laus.nr0.htm

The next statewide LAUS numbers for March will be released April 16.

[backtoschool]

I have to agree with WhatMoney that the U-3 number is useless and is just for politicians. The U-6 number is what economists use when they are actually doing calculations on unemployment that matter.

Because there is not the political will to pay out a huge additional amount of money in unemployment benefits, and because there is no way to create jobs quickly in a shrinking national economy, it is easier to use trumped up numbers to give the illusion of progress.

[justbroke]

I have to agree with WhatMoney that the U-3 number is useless and is just for politicians.

Yes, but what does the majority see on TV and hear the politicians quoting? That's my only issue. Most peple don't know BLS for LAUS from.. well, their elbow.

Why do we have to sugarcoat everything? I do agree with WhatMoney, but WhatMoney is preaching to the choir.

[backtoschool]

yes, but what does the majority see on TV and here the politicians quoting? That's my only issue. Most peple don't know BLS for LAUS from.. well, their elbow.

Why do we have to sugarcoat everything? I do agree with WhatMoney, but WhatMoney is preaching to the choir.

Yes of course I agree with you justbroke, but the politicians need to sugarcoat everything in order to get re-elected. Unemployment has not significantly improved in over a year. New jobs are being created at a very slow pace relative to the numbers that were laid off in the last two years. There is no quick way to fix this problem so it is easier to sugarcoat the problem in platitudes and deceptive numbers.

[PrezBO]

Unemployment going down... where? Florida just hit 12.2%!

Hey, Joe Effin Biden said the stimulus fixed the economy. He wouldn't lie to us, now would he?

[banca rotta]

Yes of course I agree with you justbroke, but the politicians need to sugarcoat everything in order to get re-elected. Unemployment has not significantly improved in over a year. New jobs are being created at a very slow pace relative to the numbers that were laid off in the last two years. There is no quick way to fix this problem so it is easier to sugarcoat the problem in platitudes and deceptive numbers.

The politicians and media don't seem to get that while they have always played this game it's not easy for them to keep playing it and most of us are catching on to their lies.

It's at the point where if you are fortunate enough to still have a job you know someone that doesn't have a job and you know someone that is underemployed and under paid especially if it's yourself.

Other then the very few elites everyone knows just how bad it is so they cannot lie their way out of this.