The Pains of Bankruptcy

I have seen a lot of people suffering in the US after the recession. I have friends who went through the same trials as everybody else there and still... they haven't recovered because they earn so little than what they used to. Filing bankruptcy was one of the easy things to do at that time but there are really big repercussions in doing that. The measly help from the government would not be able to get the children to school nor feed them three times a day. If this happened to them it would surely be possible anywhere else in the world.

United States insolvency dossiers increased to almost 14% at the end of the 2010 fiscal year. Bankruptcies dropped slightly from 2009 for non businesses. Although at the same period Chapter 7 liquidation and Chapter 13 reorganization (the one for personal bankruptcy) indicated significant increases. This has been affirmed by well known Sacramento bankruptcy attorney Gerald Glazer.

The worldwide and US recession that began in December 2007 ended in June 2009. This makes it the longest since the Great Depression. The National Bureau of Economic Research confirms this as we have seen the worse 18 months in that same period. These businesses appear to be recovering now but personal bankruptcy still lingers because of long-term unemployment and re-employment of the same people with lower indicated earnings. I hope it would not happen to us anytime soon. I am hopeful that the country's economic managers would be able to formulate a way to produce safeguards so we wouldn't suffer the same fate. Otherwise we'll stay in the third world title for a longer time.








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Greece is Dying

I am a little hesitant to talk about this but the President of Greece Papadou just announced that their country needs serious loans from the IMF to get back into the market. They will be sourcing these funds from Germany but their Chancellor is quite on a setback because she has not seen any strong plan how to get back in its original state. Right now they are showing no signs of recovery and their government is not that optimistic too. Riots of all forms happened in their capital and even the President got onto a remote island to announce them giving up on the government's ability to continue operations.

The problem is, there is quite a huge amount of history in that location that I wouldn't be able to see. Why did they join the EU in the first place?! Their currency did not handle it well obviously. Now comes the rescue plan that never even convinced the one who will loan them the money. I wonder if they would be able to look at themselves a few years from now. Even the labor force are protesting because pretty sure IMF will tell its corporations to cut down on wages. When will this happen?! That is the question that the current regime will have to answer to.

Victims of Bankrupt Companies

There have been reports that local business owners have been fooled by unscrupulous individuals in Manila to purchase kiosks and franchises from bankrupt corporations. This week alone I have seen two women who were duped into selling their own land so that they could invest their hard earned money into a non existed defunct company. There are no current centralized records listed in city hall or the SEC to prove they are otherwise. Cases of large scale ESTAFA were only filed and this is unfortunately; an offense where they can post bail. I wish the business organizations file complaints in city hall so that they would have better systems put up for potential investors. If they manage to at least have something like the california bankruptcy records in the Philippines; then we would not have this problem. On line search would take a few seconds to check a listed corporation and it would deter these occurrences if the government really pushes for great reforms in the system.


I once also planned to invest in the food business which would go this route and thankfully I have done my research first. Seeing these cases become rampant in the past few months really got me worried and think about investing elsewhere than Manila. I have also listened to the victim's testimonials when they went to the police and these smooth talkers unfortunately get out of jail after a few days. I am so worried and appalled that the Philippine government does not take steps into modernizing or acquiring help of the experts who can make these records publicly accessible and properly updated. Without the initiatives of a great leader we might be just on the verge of looking at our bleak future. I hope real change happens immediately because there would be hundreds or even more that would suffer from these unscrupulous individuals. I would never want to be a victim and I reserve the right to know! Why don't they just tell me if they are bankrupt so I would not have to engage business with them anymore?!