Episode Information

WWL: Drowning in Debt
Where We Live - with John Dankosky
Aired:
02/24/2009
Share this Content

In this episode:

More than five and a half thousand people in Connecticut filed for Chapter 7 bankruptcy last year

 

Episode Audio

48:57 minutes (23.5 MB)
Download this Episode

The trend has been accelerating for the last two years – and there’s no doubt it will get worse as the recession deepens. And, despite the fact that Connecticut hasn’t been hit as hard by the mortgage crisis as other states – we’re adding bankruptcies faster than the rest of the nation – across the country filings were up only 30% in 2008 over the previous year…all driven by the plummeting housing market.

Today, Where We Live, we’ll look at bankruptcy – as a trend and as a tool for some. We’ll look at the impact of Bush-era changes, which made bankruptcy tougher – and we’d like you to join the conversation. Have you, or someone you know entered bankruptcy? Do you think it makes sense to give some people a “clean slate” while others struggle to pay bills. Add your questions, suggestions and comments below. 


 
Related Content:

Question from Facebook friend Douglas Corarito

Here's a question: Why do we not separate those bk filings that are the result of financial irresponsibility from those that are the result of an unplanned life event, such as job loss, medical treatment, etc? For those facing insolvency for circumstance out of their controll, the system does not necessarily live up to the "fresh start" myth. Ask anyone who has lived through personal bk and you will hear stories of credit discrimination - not related to race, but to credit scoring. Which brings me to my final point of discussion. Now that Experian has stopped selling FICO scores to consumers, how is the average person supposed to monitor their reports for purposed of repairing credit? Credit is no longer a luxury in the USA. Why do we allow the credit bureaus to hold our head over a barrel?

Facebook response from Douglas Corarito

Thanks for reading my question on air. As John mentioned, you really needed a rep from the credit industry answering questions, also. In fact, you might do another show about consumer credit, which, after all, is really half the problem (declining incomes the other half). Bk is just the result.