THE RICH ARE NOT IMMUNE: CHAPTER 7 AND CHAPTER 11 BANKRUPTCY FILINGS ARE WAY UP FOR THE HIGHEST EARNERS AMONG US.
So maybe the 'rich' wont be able to pay for all those new tax hikes and fee's. It looks like their own bankruptcy filings are on the increase and their household budgets are tight like the rest of us. The Bloomberg article notes an increase in Chapter 11 bankruptcy filings for the highest income folks in the U.S. It seems like the primary driver in these increase in bankruptcy filings is...wait for it....real estate. Too much mortgage and not enough value have put even the rich into a cash crunch. I hate to think what will happen when all those interest-only jumbo loans start hitting their 10 year adjustment mark around 2012...I don't see Chapter 11 filings or for that matter Chapter 7 filings for the high income set declining anytime soon.
