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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Nancy who wrote (71338)	8/27/2009 11:52:48 PM
From: Ilaine	2 Recommendations Read Replies (1) \| Respond to of 74559

People who file Chapter 7 bankruptcy walk away from credit card debts. The number of people filing Chapter 7 bankruptcy in 2009 approaches the number who filed prior to the 2005 amendments to the bankruptcy code. Right before the October 2005 amendments took effect, the number of bankruptcy filings sharply spiked, and then completely tanked. They're back. Verbs used to describe the increase in filings since the recession began in 2007 include "surge", "soar", and even "shot up". So, yes, if you know anybody who is overwhelmed by credit card debt, I'd suggest bankruptcy. Debt consolidation companies are, almost universally, rip-offs.