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Latest News: BP Will Go Broke and Americans Too Broke To File Bankruptcy!

Friday, June 11, 2010 0:28

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Most Americans are too broke to pay for bankruptcy!

Bankruptcy filings are nearing the record 2 million of 2005, when a new law took effect that was aimed at curbing abuse of the system. Filings could reach 1.7 million this year, says law professor Robert Lawless, but few experts believe that debtors are now gaming the system.

The signs are there: Student loan defaults and home foreclosures are rising, and bank card loan defaults have increased from 7.7% in March to 9.1% in April, according to S&P/Experian Consumer Credit Default Indices. But during the same two months, bankruptcy filings fell by 4%.

Bankruptcy is supposed to provide a fresh start to people who are in serious financial distress. But only a fraction are filing, Porter says.

thecomingdepression.blogspot.com/2010/06/many-too-broke-to-file-bankruptcy.html

BP NEWS:

Not only is BP going to go broke but Matt Simmons claims that the gusher will never be stopped. All of the Atlantic Ocean will be neutralized.

Matt Simmons:

What do you think is in store for the future of BP?

They have about a month before they declare Chapter 11. They’re going to run out of cash from lawsuits, cleanup and other expenses. One really smart thing that Obama did was about three weeks ago he forced BP CEO Tony Hayward to put in writing that BP would pay for every dollar of the cleanup. But there isn’t enough money in the world to clean up the Gulf of Mexico. Once BP realizes the extent of this my guess is that they’ll panic and go into Chapter 11.

money.cnn.com/2010/06/09/news/companies/simmons_gulf_oil_spill.fortune/

Many of the gulf coast fisherman, resorts and hotels will be walking away from it all. Check this video on the latest spill that just hit the beaches!

thecomingdepression.blogspot.com/2010/06/day-51-oil-spill-hits-beaches-video.html

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