One Million Americans Need to Borrow Money So They Can File for Bankruptcy

I’m always on the lookout for headlines like these demonstrating the extreme ridiculousness necessary to indicate cyclical tops and bottoms of a given theme in the markets or the economy.

From CNNMoney via Yahoo Finance:

This year, hundreds of thousands of Americans are expected to be too broke to file for bankruptcy.

The average cost to file for Chapter 7 bankruptcy protection, the most common form of consumer bankruptcy, is more than $1,500, according to recent research submitted to the National Bureau of Economic Research.

As a result, anywhere between 200,000 and one million consumers are estimated to be unable to afford that steep cost this year.

So there you have it – if we’re not at a bottom for US insolvency and hopelessness, we’re certainly getting close.

Source:

Americans: Too broke to go bankrupt (Yahoo Finance)

hat tip Eddy