America Is In Recovery: Chapter 7 Bankruptcies Up 42%

Source: American Bankruptcy Institute

Like a large percentage of the population, math was the enemy as a child.  As I have gotten older though, I have seen the beauty of how the numbers do not lie, only the way they are presented.

We have been told that although unemployment is at 10% and foreclosures are rising, our economy is in recovery.  We know, on a instinctual level, that we are being lied to because the numbers do not add up.  More red crayon math coming out of the District of Criminals.

From WSJ:

Personal Bankruptcy Filings Rising Fast

Overall, personal bankruptcy filings hit 1.41 million last year, up 32% from 2008, according to the National Bankruptcy Research Center, which compiles and analyzes bankruptcy data. It is the highest level of consumer-bankruptcy fillings since 2005. Consumers rushed to file in 2005 before the new bankruptcy laws took effect in October of that year.

Chapter 7 filings were up more than 42% as of November 2009, compared with the same period a year earlier, according to the research center. November is the most recent month with analyzed data available. Chapter 13 filings rose by 12% and made up less than a third of 2009 filings as of November.

What do you think will happen when the rest of those adjustable rate mortgages reset in years 2010, 2011, 2012, 2013?