By: Scott Graulich
I have a great deal of compassion for poor people. However, people who file for bankruptcy are overwhelmingly not poor. Generally, people who allow their spending habits to get out of hand are the ones who declare bankruptcy. They run up their credit card bills with vacations, clothing, and many other purchases that are usually unnecessary.
When reality hits, people realize that they can no longer make their payments-- so they declare bankruptcy. Bankruptcy has become a much to easy outlet for those who cannot exercise self control. It was originally intended to help people, but it actually winds up hurting many people who don't get paid for items that were literally stolen by the bankrupt party. It is important to have laws that protect all of our citizens. However, bankruptcy has become a convenient tool for people with very poor spending habits.
References:
http://www.bloomberg.com/apps/news?pid=20603037&sid=a6l3xr8MUE08
http://www.usatoday.com/money/economy/2009-09-08-bankruptcy-filings-up_N.htm
http://www.bizjournals.com/tampabay/stories/2009/09/07/daily10.html
It's interesting how you say that many people are getting their items stolen by bankruptcy parties and until now I haven't thought about it like that. I think that some people take advantage of the fact that they can declare bankruptcy and start over.
ReplyDelete-Lindsey Connell
Filing bankruptcy is something I'm thinking about doing. My business income has gone down by 50-60% in the past two years. Yes I have made some bad decisions over the years, however I think it would be best for me to file and start over but I'm not sure. I'm trying to pay bills but some I just can't pay and the phone calls keep coming.
ReplyDeleteAlso the fact that My business in in the city of detroit and the trade I'm in every body wants a good professional job but they don't want to pay for it. So the "JACK LEGS" get the business and it's hard to compete with them. So what is one to do but file bankruptcy.