It's official: We're in a recession.

[MysticCat]

Originally Posted by KappaKittyCat

So while the economic contraction has been felt by individuals all over for a long time now, I think we're just now entering our second quarter of actual GDP decline.

You know how those economists are such sticklers for rules...

There sticklers enough that they don't announce things until well after the fact. I believe that after the last recession, when the NBER accounced that the recession was "officially" over, the actual announcement was that the recesssion officially ended two years before the announcement was made.

These are people who will not be hasty.

[KappaKittyCat]

Originally Posted by MysticCat

There sticklers enough that they don't announce things until well after the fact. I believe that after the last recession, when the NBER accounced that the recession was "officially" over, the actual announcement was that the recesssion officially ended two years before the announcement was made.

These are people who will not be hasty.

Yes. FDR asked for a one-armed economist because he was sick of his economic advisors telling him "On the one hand... but on the other hand..."

[Munchkin03]

I thought you were able to keep your homestead if you filed for bankruptcy. Maybe that's just Florida, and probably some other states too.

[KSig RC]

Originally Posted by Munchkin03

I thought you were able to keep your homestead if you filed for bankruptcy. Maybe that's just Florida, and probably some other states too.

Florida's laws on this and similar issues are notoriously lenient/favorable/awkward, depending on which side of the coin you're on.

[AGDee]

I've done some reading up on it since my last post and it sounds like very few banks are actually filing for deficiency judgments but I would definitely be too afraid to try something like that.

In Michigan, you can keep your homestead in a bankruptcy if you own it or can continue to make payments on it. And, deficiency judgments can be included in a bankruptcy. So I guess if you're willing to foreclose and file bankruptcy, you could probably get away with it. I think a bankruptcy is a bit more devastating to your credit record than a foreclosure is but I guess if you're convinced that it will be inevitable down the road, you may go for it. I do hope it doesn't become commonplace because we're in enough mess as it is.

When they made the recession announcement, they also made it retroactive we've been in a recession since Dec. '07. I'm wondering what the definition of a depression is.

[ASUADPi]

You can file for chapter 7 bankruptcy instead of chapter 13. I only know this because I am one of those people who is in a serious money bind, not only with my other bills, but my mortgage. My mortgage is 186 thousand and my home is probably only worth 100K. Thankfully, my bank would much rather help me than have me foreclose (which just means they would get stuck trying to sell a house worth 86k less than the loan is worth). It just bites the situation I am in along with everyone else. Especially living in Arizona, we have one of the highest rates of foreclosures right now. My subdevelopment isn't even completed and there are already homes in it that have foreclosed.

[VandalSquirrel]

Originally Posted by Munchkin03

I thought you were able to keep your homestead if you filed for bankruptcy. Maybe that's just Florida, and probably some other states too.

Some states have some really interesting items listed that you can keep when you file for bankruptcy. I think one of my favorites was the amount of coal and/or firewood you can keep in Maine.

Most of the states have something listed for family Bibles, could you imagine a Bible being taken and sold?

[SWTXBelle]

My ex made a point of stealing my confirmation Bible. So, yeah, I can imagine some cold-hearted person selling a bankrupt person's Bible.

[WarEagle07]

WAIT......We're in a recession???? Oh wow! Thank goodness we can rely on the government to make us aware of this situation. Good 'ole government....right on top of things as usual. I should probably start preparing....first I need to find a job since I lost mine last month, I'll sell some stock so I have money for the house payment..oh damn, the stock isn't worth anything. Shoot, how does the government expect me to prepare for a recession with no money and no job? I need a bailout...I'm calling my senator tomorrow asap!

[KSig RC]

Originally Posted by WarEagle07

WAIT......We're in a recession???? Oh wow! Thank goodness we can rely on the government to make us aware of this situation. Good 'ole government....right on top of things as usual. I should probably start preparing....first I need to find a job since I lost mine last month, I'll sell some stock so I have money for the house payment..oh damn, the stock isn't worth anything. Shoot, how does the government expect me to prepare for a recession with no money and no job? I need a bailout...I'm calling my senator tomorrow asap!

Originally Posted by From the Article:

But the nonpartisan National Bureau of Economic Research, charged with making the call for the history books, waited until now to make it official — and the announcement came on a day when the American stock market fell nearly 9 percent in a single session.

I hate to break up a good rant . . . but . . .

[KappaKittyCat]

Originally Posted by SWTXBelle

My ex made a point of stealing my confirmation Bible.

Woah. That's just HARSH.