Last year, real-estate developer and art collector Ron Pizzuti opened the doors to the Pizzuti Collection in the Short North, a venue at which to showcase his vast art collection. After purchasing his first piece of art in 1972, he has since amassed more than 1,500 works by artists ranging from Frank Stella to Ai [...]
Bankruptcies Expected to Increase in 2009
Listen to the Story
As the economic downturn continues, some experts suggest 2009 might see the highest number of personal bankruptcies in history.
An Ohio University researcher says bankruptcies have followed specific patterns for years. Sociologist Deborah Thorne says the three leading causes of bankruptcy are job or income loss, a chronic medical condition and divorce or separation. She says, while credit card debt plays a role as a family’s financial situation declines, it is rarely the cause.
Deborah Thorne is an associate professor of sociology at Ohio University. She is co-principal investigator on the ongoing Consumer Bankruptcy Project based at Harvard.
Thorne says her studies show one year after filing bankruptcy, one-third of individuals describe their financial condition as the same or worse than when they filed.