Techies File For Bankruptcy, Too

Area bankruptcy filings have gone up 50% in the first quarter of 2009, compared to last year, the San Jose Mercury News reports. Records at the U.S. Bankruptcy Court in San Jose (which covers Santa Clara, Monterey, San Benito and Santa Cruz counties) showed 2,399 filings in Q1 2009; for Q1 2008, there were just over 1,500 while in Q1 2006, there were just 500. One bankruptcy lawyer explained, "We're seeing cutbacks in electronics and at Sun, Yahoo — large numbers of people are having their income cut, and for many it's making their house unaffordable," while another points out many of those filings are from "people in their mid-50s, formerly with Hewlett-Packard, Cisco Systems, Intel and Applied Materials... They've been with these employers, in some cases, for decades. They are engineers, highly skilled people, and now they're being laid off. I didn't see that in the last downturn."