http://www.nytimes.com/2010/02/25/business/25obama.html

From the New York Times:

In 2010, federal government spending will be equivalent to 25 percent of overall United States economic output, the highest proportion recorded in American history except for three years during World War II. Likewise, the .8 trillion national debt expected by the end of this year will be the largest compared with the size of the economy since 1948
Great analogy Isaac

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My sister is going to go bankrupted soon and we wanted to buy a house but is that going to effect anything. Is it going to make it easier or harder specially with the economy? How long after going bankrupted will she be able to buy a home? "She will be a first time buyer"

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The original debt was ,000… Everything I read and know is that companies are usually unwilling to settle a Judgment, but if I file bankruptcy they get nothing. Do you think given the current state of the economy and the pending credit card restrictions that they would be more willing to settle?

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I have been told that now is the time to do debt settlement if you are currently unemployed and recently widowed. A lawyer has said this is the time to do it while the window of opportunity is open all because of the bad economy situation. What do you think?

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I’m considering filing a chapter 7. how long after i file would i be able to lease a vehicle. Especially dealing with the economy these days.

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I’m considering filing a chapter 7. how long after i file would i be able to lease a vehicle. Especially dealing with the economy these days.

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In the fall of last year, I thought the economy might be turning around by now. Now Chrysler is going into bankruptcy and GM is following. This means all the dealerships will suffer and the suppliers etc. etc. We have tent cities going up and more people are losing their homes.

Where will all the "blue collar" workers find other employment opportunities? I know that there is a push for alternative energy and infrastructure rebuilding, but I can’t see that this will be enough.

If we can turn it around, what do you think the economy will be like in 10 years. Where will the manufacturing jobs be?

And not just in 10 years, when do you think the economy will turn around?

Technorati Tags: 10 years, alternative energy, bankruptcy, chrysler, economy, employment opportunities, gm, infrastructure, manufacturing jobs, tent cities

Myself and my husband are both self employed, we have two children -In 2007 we were doing well and decided to purchase a larger home, so we placed our home which we had lived in for 7 years (have a mortgage at a credit union) on the market. A sale was pending so we purchased a larger home contract for deed, as we could not get a mortgage for it until the other sale was final – but there was an adendum to where the then buyers needed to be in by a specific date so we had to be out by the date the sale was scheduled for. The sale fell through due to the "buyers" on the day before the closing was scheduled – so we were left paying for 2 homes… we had to carry both homes then from 9/07 – 01/08 paying excessive interest for the home we moved into as we were unable to get a mortgage on it until we sold the other one… – this drastically cut our savings down to nothing – 1/2008 we had to sell the house contract for deed (the original house we had lived in for 7 years) – or lose it to the bank as we could no longer continue to pay for both – we closed on the sale 1/11/2008 – they buyers have a 3 year balloon to come up with their own mortgage – after the sale is complete – we will have taken a total loss of ,000.00 on that house. So the amount of money which the "cfd buyers" pay to an escrow agent – who then cuts us a check – which we then take the the bank to pay the mortgage on – and then place the remainder into a escrow account for the property taxes and home owners insurance on that home – leaves us with approximately .00 income each month (which we get to pocket – whoopie) but it allows us not to be foreclosed upon – now when the sale is final and they get a mortgage – we will only get ,000.00 (the difference from what they owe to us and what we owe to the bank on that house) 2 years from now.

Now – here is my question – 2008 has been a HORRIBLE year for my family – the economy has made my husbands self employment income to drop nearly 75% – and while mine increased from the previous years, it by no means has increased enough to make up that difference – additionally there were multiple situations that came up during 2008 that drained us – (i.e. child illness, one child with dissabilities, furnace went out, gas leak for 3 days, powerbills skyrocketed, you name it, it probably happened to us this year) now – we are now facing bankruptcy as all of our savings is gone – and everything is backing up it is everything we can do now just to make the house pmt, car pmt and insurance and survive. My husband is a contractor – so winters are usually slow anyway – but due to the economy people just can not afford extras – we’ve always built up savingns during the spring and summer months and set aside for the winter – that was not possible this year. Now we qualify for the EIC which we desperately need. but due to the sale of the house CFD – they (the CFD Buyers) paid just over ,000.00 in interest which then came to us – but we paid just under ,000.00 in interest to the credit union which holds the mortgage. – but in having to claim the ,000.00 interest income – (no matter whether we itemize or take the standard deduction our tax is 0 because we add our self emp tax at the end) the only chance we had of a credit was the EIC and additional child tax credit – and Not being allowed to claim the EIC because of the ,000.00 of interest income (which did NOT benefit us as income, as opposed to the .00 that we did get to keep during the course of the year) eliminates our ability to take the EIC because it’s over the ,000 and some odd dollar Interest income allowement)

Is this right? If so this leaves us owing the IRS more money (which we absolutely do not have) than we will make on the sale of the house in total when it’s complete (not considering the entire thing is at a overall loss anyway) I do not have to file form 6620 or schedule D because it was a loss, but the interest apparently I do have to claim – as income – when it wasn’t…

Is there any LEGAL way to only have to claim the interest income of .00 which we did get to keep – as opposed to the entire amount?

If not – we’re going to end up on the street living in a box eating trash. I’m saddened to think that we’ve worked for so many years for nothing – my husband is 37 years old and I am 30 – both of us have always worked more than full time – and now my husband has not worked more than 40 hours since October – and things were slower in August and September than usual – who knew this was going to happen -(No one can plan for everything to go wrong in 1 year as it did for us) Now what….?

Please help if you know what you are talking about… If you do not know about taxes, EIC, Contract for deed/Installment sale, or are just plain rude because your situation is not nor has ever been grim due to no fault of your own, please keep your comments to yourself. (I only say this because I have read several other answ
**I disagree that I got that 00.00 to spend even if it (doesn’t feel like it) because I did not get to keep and "spend" more than .00 of that money. Out of that 00.00 per our contract we are required to give to the bank that holds the mortgage so that the house is not foreclosed upon since these people are paying the payments – the contract also states that out of that 00.00 we have to set aside so much each month into escrow to pay the property taxes and their home owners insurance (which is in their name). Therefore that was not OUR money to spend…. We simply "worked for them" by obtaining the mortgage, paying the payment for them to remain in the home, pay the property taxes so that there is not a lien placed on the house, and pay their home owners insurance which they were required to obtain -All we should have to list as Income is the .00 that was actually income to us, and not take the credit from the 1098 from the bank holding that mortgage…

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Many fo you do not realize but some Economist have predicted it could get so bad that we will be queuing for loaf of bread like the Russians used to if the US does not stabilize and manage it’s economy and the Dollar.

We are finish when Foreign nations start demanding there money when China overtakes are economy in about 30 years and ask for there money where don a population predicted to be 370 million queuing for bread.

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This was suggested to me buy one of my redneck associates. We go in, the price of oil goes to 0 a barrel we take the oil and save the economy.

Great plan huh?

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Should the usa go bankrupt and default on all government debts? Would the economy be better off if the usa had {content} in debt?

I think It’s time the creditors(china) took a hit in the wallet, don’t you?

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Today I found out I lost the house I have had a contract on since last April (2009). I was attempting to buy a house in short sale, the house went into foreclosure and so I have been waiting a long time for the banks/FDIC to get it all together so we could close. Well, Obama signed in a new law (July 2nd, 2009) forcing people who have had their homes foreclosed to return to their homes and in turn forcing the banks to refinance. The alternative for these people is to file bankruptcy (which some have already done, and others have found a solution to just barely stay financially afloat). This may sound like a great solution for all the unfortunate families who have recently lost their homes, but in truth it is a disaster. Who is to say these people can afford or even want to move back?
In my case, the house I was attempting to buy was owned by a family who were over their head with a double mortgage. They were forced to foreclose and have since downsized and purchased a new home. Now with the new law they will be forced to return to their previous home or face bankruptcy. They will have to find a way to sell their current home, which of course is very difficult in today’s economy. The previous owners do not want to return, they can’t afford the move, nor the wait to sell their current home, which they probably won’t even be able to sell in today’s economy.
As for me. I am losing close to ,500 in money spent on contracts etc. I of course have no rights and will not be able to recoup my losses.
Thousands of foreclosed homeowners are dealing with similar situations. For some this may be a blessing if they are still searching for a new living situation. Of course this doesn’t teach any lessons other than to live beyond your means and don’t worry about the consequences because the government will bail you out. Be financially responsible and get screwed. For others they are facing difficult decisions deciding what to do with their new lives and the homes they are being forced to return to. Then for all the buyers, who have been in contract to buy these foreclosed homes and begin to repair the hole in the housing industry. Well they are all SOL and out a lot of money, like me. Believe me, with my meager salary that is cut in half by taxes, ,500 is SUBSTANTIAL!!!
So I ask you, where are our freedoms going and why do we just let the government take them? How does this stimulate an economy? All I can foresee is a rise in bankruptcy and a lot of people losing money.
Of course there are tons of other issues we can discuss that provide similar examples our diminishing freedoms, and the socialization of our country. Such as, when 80% of the general population is happy with the health care system yet government chooses to change it, control it, and force their plan down our throats.
How can anyone be happy with Obama?

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I worked at a restaurant and he would always intimidate his employees telling us that he could fire us in a mere second because of how the economy was, he could hire anyone really quick. He laid me off with no reason other than saying "Business" wasn’t going well. Now I have no money and the bills need to get paid help?! Should I go bankrupt with the debt I owe?

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I just got off the phone with a good friend of mine, he was repeatedly asking me the question "should i file bankruptcy"?

He and his wife owe about 0K in credit cards. The both of them originally held great well-paying jobs which they lost due to the economy and recent cost-cutting by their companies.

They were intending to repay the debt but as a result of their job loss, their current employment which is only paying a fraction of their original income is significantly not enough. They are being hounded frequently by creditors as well. I’m unsure what is the best option for him.

I am hoping i will be able to answer his question "should i file bankruptcy" in a assured manner to calm his nerves down. Is it the only option with regards to this issue of his? Any alternatives?

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Im in a dilema… With the economy the way it is, I am forced to make a decission i have been dreading for awhile. I need to know what is easier, less affecting, towards the credit and future.. Debt settlement, Bankruptcy, or repossession of 2 brand new cars!!

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This is what I think about the automaker bailout:
The big 3 need to throw away old baggage of inefficient operations, high executive pays, and high union powers.

My suggestions are:

- Declare bankruptcy (only option to cut all ties with inefficiency)
- Merge operations and create a new company
- Sell off plants to foreign automakers to create more capital(to Hyundai, Kia, or any company that is looking to have production in US), this way workers can still keep their jobs but just with different bosses

What is your take?
I believe they are trying to go green but they are late compared to Japanese manufactures.
If an restructuring was to happen, I say screw it with the half-ass green-wannabe hybrids and just go green. Set goals to produce electric, bio-fueled cars and phase out existing cars.

And as far as capitalist governments go.. well.. the companies are US companies..
*Meg

The cost of bankruptcy to the economy and the auto workers and the auto industry is astronomical.. which i understand, but without an revolution will things get better?

Any suggestions for the problem?

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Reason I ask this both my sister and myself have had our stimulus check used by the govt to pay off our debt to it. This seems pointless. That money should go back to the Economy. not from uncle sam to himself.

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This was suggested to me buy one of my redneck associates. We go in, the price of oil goes to 0 a barrel we take the oil and save the economy.

Great plan huh?

Technorati Tags: economy, price of oil, redneck

If they do go bankrupt, won’t that leave the small suppliers holding the bag for money owed to them by Ford, Chrysler, and GM? How would that impact the economy?

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This persons income went down by half due to the economy so they can no longer pay debt incurred due to a year of not working. They’ve already had consumer credit counseling, which referred them to a lawyer to file bankruptcy. Do they get to keep their car and house? They really don’t have the money to pay accept for basics for living. Will they be made to pay back any of the credit card debt?
The difference in income means that the credit cards can’t also be paid along with living expenses (house, utilities, car).

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