The fees for filing bankruptcy under Chapter 11 are scheduled to increase from $1167 to $1213 on November 21, 2012, as part of the Temporary Bankruptcy Judgeships Extension Act of 2012, which President Obama signed into law on May 25. This is despite the fact that the number of American businesses and individuals filing for bankruptcy has decreased. A bankruptcy attorney will be able to charge more for their services as a result. Never before has it been so expensive for a business to fail.
For the period ending on September 30, 2012, the number of Americans filing for bankruptcy decreased to 1,261,140. This number is 14% less than the 1,467,221 bankruptcies filed during the same period in 2011. Although this appears to be positive news, why aren't the unemployment rate and GDP also improving? Numerous economists are concerned about the ambiguity of the data and are perplexed as to why the number of Americans filing for bankruptcy continues to decline. It just doesn't make any sense.
The United States' debt currently exceeds $16 trillion and continues to rise. The 2012 federal budget deficit exceeds $1.1 trillion. The United States is on the precipice of declaring bankruptcy due to their continued reckless spending. Reagan stated, ""You could say they spend like drunken sailors, but that would be unfair to sailors, as they are spending their own money."" Regarding the government and the debt ratios of the American people, there must be an end at some point.
The only thing keeping this economy afloat is the Federal Reserve's capacity to print and distribute money to banks so they can continue lending to consumers and increasing their debt burden. In 2007, when the financial market was teetering on the brink of collapse, banks restricted consumer credit to reduce their own liabilities. Since then, they have resumed business as usual and once again permitted consumers to bury themselves in debt. It is only a matter of time before the number of failing enterprises and bankrupt consumers increases once more.""
" - https://www.affordablecebu.com/