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

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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

 

 

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