Bankruptcies

This map from The New York Times Week In Review shows that only eight counties in Ohio have shown less than a 35% increase in bankruptcies since George Bush took office in 2001. Those eight counties are Lawrence, Gallia, Vinton, Adams, Hamilton, Seneca, Wayne, and Carroll.

A new bankruptcy law takes place October 17th. It will make it harder for consumers to retain asset protection when filing bankruptcy. Here in Ohio this will be especially hard felt as the homestead exception here is only $5,000. That means that if you have to declare bankruptcy under the new law there is a better chance you're going to lose your house and be left with only $5,000 to your name.

This will be the straw that finally breaks the housing markets back in Ohio which already leads the nation in foreclosures.

For the record, the Ohio Congressmen that voted for the new bankruptcy bill are John Boehner, Steve Chabot, David Hobson, Steve LaTourette, Bob Ney, Michael Oxley, Deborah Price, Ralph Rugala, Rob Portman, Ted Strickland, Pat Tiberi, and Michael Turner. All republicans save Strickland. Both republican Senators also voted for this bill.

That looks like a hole to exploit for the Coleman campaign. Combine it with a pledge to try to raise the homestead exemption could be a powerful one two primary punch.