Wednesday, September 30, 2009

Twenty-six file for bankruptcy in Joplin Tuesday

The final day of September was a busy one in Bankruptcy Court.

Twenty-six filed for bankruptcy protection today in Joplin, according to U. S Bankruptcy Court records.

7 comments:

Anonymous said...

Okay, so what?

Anonymous said...

That is a large number for one day. That is what. People file bankruptcy when they are desperately broke and in debt. It is not a preferred act by the bankrupt; they usually try all kinds of things to alleviate the situation before filing. What may surprise many is, the people who are filing are not people who are deadbeats necessarily; they are most often people who have lost their jobs and can't find a new one, or maybe they are underemployed, meaning their pay is artificially low. It is easy to get into trouble this way. All it takes is being out of work for six months and not having replacement income or savings to buffer the gap.
So, what does it mean? It means that in Joplin, a very bad economic climate is forcing people into bankruptcy; it is a sign that the economy woes are having a direct and painful impact on the people of Joplin.
All I hope is, the end of this crisis is near.

Anonymous said...

Well put, Anonymous 10:26 p.m., well put.

Bob said...

So what as long as Joplin gets more taxpayers ball fields

Anonymous said...

There is no context to that number and one day is not a good sample to form a judgement. For those of you who are not bankruptcy attorneys, attorneys push to file cases before the first of a new month because the means test formula requires a six month calculation of income starting with the last completed month. In other words, if you worked up a case to file three days before October 1st but didn’t file it until the first, then you would have to do a completely new means test calculation factoring in the debtor’s income for September, which at the very least is a hassle. Also, some attorneys hold on to cases and then file them all at once so that their 341 meetings will be set on the same docket. So, you should really look at a whole month, or several months, to form a conclusion as to the level of cases being filed.

That being said, I won’t deny that the economy is bad and that more people are filing bankruptcy now then last year. However, in my experience, 26 filings in one day, on the last day of a month, is not really that unusual.

Randy said...

While you are correct about the number of bankruptcy filings going up on the last day of the month, I check the filings regularly and I have not seen this many since the month when the bankruptcy rules changed.

Anonymous said...

I also herd that the Missouri Department of Conservatio is closeing 13 offices across the state, they say sales tax revenue is slow. It was reported in the Kansas City Star on Thursday, I think, if anyone wants to read the article.