This is an article I read this morning from The Plain Dealer in Cleveland.
As I sit and wonder about things, like less people shopping, my friend who has lowered the thermostat to 52 degrees and was putting on an extra sweater to save some money this winter, I came across this story and thought it was certainly well presented and worthy of activerains legions comments and review.
So here goes. Enjoy!
Number of bankrupt Ohioans is growing and they're owing more
Originally Posted by Laura Johnston and Michael Sangiacomo/Plain Dealer Reprorters
November 21, 2008 22:40PM
Categories: Business Impact, Real Time News
In the latest symptom of a sick economy, more Ohioans -- like others across the country -- are resorting to bankruptcy.
They owe almost twice as much as in past generations, and their ranks have expanded to include more senior citizens. "It could be anybody, from any walk of life," said Robert Keach, American Bankruptcy Institute president-elect. "Generally speaking, these are people who worked hard, had good jobs and just don't anymore."
So far this year, 26,042 people and companies have filed for bankruptcy in the Northern Ohio District of the U.S. Bankruptcy Court -- 11 percent more than in the same period last year in the state's 40 northernmost counties. That includes 3,587 last month, a 38 percent jump over October 2007. Included in the year-to-date total are the 19,708 filings for the more dire Chapter 7, which has already leapfrogged last year's total of 19,120.
Northeast Ohioans are doing better than people elsewhere, though. Nationally, bankruptcies have jumped 33 percent, with more than 880,000 bankruptcies filed through October, according to the American Bankruptcy Institute. Experts attribute most of the increase to people who hadn't saved much and, now, after an illness or job loss or adjusted mortgage rate, can't pay the bills. They can't keep borrowing because banks are reluctant to grant credit. So, after years of stretching credit like Silly Putty, they quit fighting and file.
For full article.. Please visit http://blog.cleveland.com/metro/2008/11/number_of_bankrupt_ohioans_is.html
;)
;)
