Personal bankruptcies rose more than 30 percent last year, with more than 1.4 million protection filings. Many middle-class Americans sought relief after losing jobs, seeing their businesses fail or facing foreclosure.
In 2005, Congress overhauled the nation's bankruptcy laws with the intention of limiting the ability of many individuals to get rid of their debt — especially through the use of Chapter 7 of the bankruptcy code. But in this faltering economy, the law's impact has been limited.
In fact, far more people are now using Chapter 7 — in which assets are sold to pay off debts and what can't be paid is absolved — instead of Chapter 13. In a Chapter 13 bankruptcy filing, an individual signs up for a time-limited repayment plan and, in return, gets to keep certain assets. Creditors often get more money in Chapter 13 filings.
In Search Of A Fresh Start
Bankruptcy is never pretty, but it does provide a fresh start for individuals like Linda Frakes, who lives in the Atlanta metro area.
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I laugh at the 2 people that honestly believe the economy has recovered. There's always dumb people that believe in their jailers as they get tortured.
ReplyDeleteIt is a sad fact that 95% will always believe what an authority figure tells them. In this case, the media.
ReplyDeleteEverything you believe in whether politics, religion, science (controlled by government), or what the media tells you is a lie.
Even the BS story of man on the moon 40 years later has to be defended to a tee although it is cartoonish crap and impossible. Watch 'What happened on the way to the moon' video.
ReplyDeleteOur government and our media has been lying to us for a very long time. It is insulting at times when lies are so ridiculous, like the 9/11 story. It is like listen up five year olds, this is what happened ....
Goldman earns $4.79B in Q4, spends $16.2B on pay
ReplyDeleteGoldman Sachs, which has done better than other companies for years, also outperformed in crisis.
That is the true reality.
The robbers make their billions while the populace sits in the corner sucking their thumbs.
How many people associated with Goldman Sachs are in Obama's cabinet? ... Starting with the Sec. of Treasury. This is right in front of our faces.
ReplyDeleteit is funny sometimes - seriously.
ReplyDelete"but in this economy - the laws impact has been limited"
Say fuckin' what ??? That is in itself a typicaly
unbelieveable statement.
Blue smoke and mirrors baby - blue smoke and mirrors.
regarding 11:28 - and you believe ONE news source
over the SECOND why??
Remember good people - we ALL recieve this "information" many, many miles downstream - be VERY careful as what you choose to consume as fact because it "fits" your particular judgement of the day.
that's all I have to say about that