BANKRUPTCY UPDATES

Global Debt

It's no secret that the United States has a lot a debt under its wing. But just how bad off are we? Who do we owe all this money to?

While millions of Americans turn to filing Chapter 7 bankruptcy each year, the country as a government doesn't have the option to discharge its debts through a bankruptcy filing like individuals can. So what does this mean for our country?

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Breaking News: Global Debt a Ticking Time Bomb?

U.S. Debt - Head under water?

Everyone knows that the United State is in debt. In fact, the U.S. is in a lot of debt...

The U.S. is currently in the hole: $13,462,000,000,000.

To spend $13.462 trillion you would have to spend:

$1,000.00 a day since our universe began.
$360,000.00 a day since the first Homo sapiens walked the earth.
$18,000,000.00 a day since Christ's birth.
$60,000,000,000.00 a day since the U.S. declared its independence.

Top 10 Astronomically Massive Debts

It is difficult to comprehend the enormity of the debts that many countries have incurred. Consider this: If you lined up every dollar bill the U.S. is indebted from end to end... It would stretch far beyond Mars and nearly to Uranus.

#1 United States: $13.45 Trillion
#2 United Kingdom: $9.08 Trillion
#3 Germany: $5.21 Trillion
#4 France: $5.02 Trillion
#5 Netherlands: $3.73 Trillion
#6 Spain: $2.41 Trillion
#7 Ireland: $2.29 Trillion
#8 Japan: $2.13 Trillion
#9 Luxembourg: $1.99 Trillion
#10 Switzerland: $1.34 Trillion

Debt vs. GDP: Can they pay their debt?

According to World Bank and the International Monetary Fund, a nation is no longer achieving external debt sustainability when their debt becomes more than 250% of their GDP.

In other words, they probably won't be paying it off any time soon... if ever.

Countries with Highest Ratio of Debt to GDP

#1 Ireland: 1267% ($126,126 per capita)
#2 Switzerland: 423% ($176,045 per capita)
#3 United Kingdom: 408% ($148,702 per capita)
#4 Netherlands: 365% ($146,703 per capita)
#5 Belgium: 320% ($119,681 per capita)
#6 Denmark: 298% ($110,422 per capita)
#7 Austria: 253% ($101,387 per capita)
#20 United States: 94% ($43,793 per capita)

Who Owns American Debt?

Holding us Back like a Ball and Chain

Being more than 13 Trillion dollars in debt, the U.S. owes a lots of money to many different countries. Here are some of the largest U.S. external debt holders.

Switzerland: $100.1 Billion
Russia: $123.4 Billion

Taiwan: $128.6 Billion

Hong Kong: $141 Billion

Brazil: $158.4 Billion

Caribbean Banking Centers*: $165.2 Billion

Oil Exporters**: $223 Billion

United Kingdom: $362 Billion

Japan: $803.2 Billion

China (Mainland): $843.7 Billion

*Caribbean Banking Centers: Bahamas, Bermuda, Cayman Islands, Netherlands Antilles and Panama

**Oil Exporters: Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya and Nigeria

How Much Debt Will We Be In by 2015?

Check out this report we compiled showing how much the United States will be under water by 2015. Hint: it's increasing big time.

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