Disappointment is a sort of bankruptcy - the bankruptcy of a soul that expends too much in hope and expectation.
quote by Eric Hoffer
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In 1997, the National Bankruptcy Review Commission recommended that chapter 12 of the Federal Bankruptcy Code, the chapter that contains bankruptcy protection for family farmers, be made permanent.
quote by Tim Holden
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Hope is itself a species of happiness, and, perhaps, the chief happiness which this world affords: but, like all other pleasures immoderately enjoyed, the excesses of hope must be expiated by pain; and expectations improperly indulged must end in disappointment. If it be asked, what is the improper expectation which it is dangerous to indulge, experience will quickly answer, that it is such expectation as is dictated not by reason, but by desire; expectation raised, not by the common occurrences of life, but by the wants of the expectant; an expectation that requires the common course of things to be changed, and the general rules of action to be broken.
quote by Samuel Johnson
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Social Insecurity
Strapped Seniors use credit cards ‘stead of cash
To stay afloat, after losing their stocks n’ bonds
Yet more victims of another Wall Street crash
“Let them eat cake” is what the Fed responds
ROTMS
From Reuters Article 10/23/2010
Retired and broke: Why retirees are declaring bankruptcy
For more and more seniors, retirement doesn’t mean a debt-free life of leisure. An increasing number of Americans aged 65 and older are declaring bankruptcy, according to a recent study by John Pottow, professor of law at the University of Michigan Law School.
Those aged 65 and older represented seven percent of bankruptcy filers in 2007, a mind-boggling jump from 1991. They are the “fastest-growing age demographic, ” according to Pottow’s study.
What’s the culprit for so much debt? Credit cards. Two-thirds of Americans who filed for bankruptcy said credit cards were the key reason for their financial problems, according to Pottow’s research. Besides having more credit card debt compared with younger bankruptcy filers,44.8 percent of those aged 65 and older also had more plastic in their wallets. “They’re using credit cards as a maladaptive coping mechanism, ” Pottow says.
Stephanie Osterland, a supervisor in the bankruptcy department at GreenPath debt solutions, sees an increasing number of seniors living beyond their means. Says Osterland: “They’re just trying to live off of a fixed income, and that’s usually Social Security. Maybe they have a small pension. We find they’ve used credit cards to supplement that income and expenses or they just end up getting into a lot of medical debt.”
In addition to escalating medical expenses, seniors have seen their portfolios hit hard by the lagging stock market. Carolyn Rodi of Saving Your American Dream says those considering bankruptcy should see a credit counselor at a non-profit organization to get their finances in order.
Credit counselors, such as those at GreenPath, help the elderly deal with a stressful situation. “We try to help them focus on what it’s going to look like” after they get out of debt, Osterland says.
Rodi also recommends that potential bankruptcy filers seek out pro-bono legal aid. “There are a lot of elderly people that are being taken advantage of by bankruptcy attorneys and mortgage brokers who are advising them improperly to pay for the bankruptcy, take out a reverse mortgage or to do things that aren’t in their best interest, ” she says. ”If you have no income, why should you borrow to pay someone when you can get free legal aid? ”
What are the chances of a senior paying off his or her debts? It’s difficult to determine, especially because seniors tend to be on a fixed income. And while finding a job — such as a WalMart greeter — seems like a viable option, it is not necessarily feasible for all seniors to work.
In addition, whether or not a person declares Chapter 7 (which involves the liquidation of one’s assets) or Chapter 13 (which allows debt restructuring) bankruptcy can be a significant factor in determining what one’s lifestyle will be. “If you have to file for Chapter 7 bankruptcy, you may be able to find affordable housing that allows you to just get by, ” says Rodi. “Chapter 13 lets you keep your house and doesn’t touch your retirement savings.”
Regardless, filing for bankruptcy is very stressful for anyone. “A lot of our clients in that post-retirement age have a hard time coming to grips with their situation, ” Osterland says. “It’s very emotional for them. We try to focus on the future and see if this debt can be lifted off their shoulders.”
poem by Ray Lucero
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Restrict bankruptcy rules.
quote by Jerry Weller
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Bankruptcy is a serious decision that people have to make.
Capitalism without bankruptcy is like Christianity without hell.
quote by Frank Borman
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Know what happens when an individual declares bankruptcy and how it affects his or her life.
quote by Marilyn vos Savant
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The legacy of Democrats and Republicans approaches Libertarianism by bankruptcy.
quote by Nick Nuessle
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The legacy of Democrats and Republicans approaches: Libertarianism by bankruptcy.
quote by Nick Nuessle (1992)
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Al Gore may think Medicare is at a crossroads, but his plan puts it on a highway to bankruptcy.
quote by Dan Bartlett
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This program that the Republican majority has taken us toward as a country is leading us to fiscal bankruptcy.
quote by Chaka Fattah
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His lack of education is more than compensated for by his keenly developed moral bankruptcy.
quote by Woody Allen
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Imminent GM bankruptcy was always fiction, created by Wall Street and the media.
quote by Robert Lutz
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The entire exhibitions industry in the United States of America has filed for bankruptcy.
quote by Jeffrey Katzenberg
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If we don't change, millions of American families are just one medical emergency, or one layoff, away from financial disaster and bankruptcy.
quote by Jim Cooper
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This filing spike is a result of bad information being pushed on people, and then they file for bankruptcy out of fear.
quote by Steve Bartlett
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We added Medicare Part D to a system facing bankruptcy and gave no thought to means testing it.
quote by Bob Inglis
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The unions and the auto companies have been unable to put a deal together that fundamentally restructures the industry. It needs to get done. The only way it's really going to get done is in bankruptcy court. They should have done it six months ago they should do it now.
quote by Timothy Pawlenty
Submitted by Lucian Velea
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And philosophers ask is it possible knowingly to believe a lie
I might knock off writing now
And join friends in pursuit of holiday cheer,
But I choose to stay the course I find more comfortable.
A wave of satisfaction is my unearned reward,
Followed by - dare I call it joy?
Hope is a benignant thief.
We offer her our now,
But she dissects the plunder, carrying off
Our expectation of joy in this moment,
Leaving us the joy itself,
Which now may take us by ambush.
Chits we earn by today's effort
Are stowed for an ever-receding future.
To redeem them would be to know the hollow of their promise,
the disappointment of joy.
On our deathbeds, the habit of hope will be with us still
As with fond expectation, we anticipate timelessness.
poem by Josh Mitteldorf
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Today, certain people file for bankruptcy, businesses and individuals, and it no longer has the stigma it once had. Now it's almost considered wise, a way to regroup and come back again.
quote by David Dinkins
Submitted by Lucian Velea
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