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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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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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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But again, you know, the views that we've expressed are transferring power back from the federal government to the states, giving Alaska an incredible opportunity to expand its economy, especially at a time when our federal government is coming close to bankruptcy.So that is a broad-based appeal. It's not an extreme view.
quote by Joe Miller
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Family responsibility, yes, and always. Family bankruptcy due to the cruel rules of government, no.
quote by Barbara Mikulski
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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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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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The legacy of Democrats and Republicans approaches: Libertarianism by bankruptcy.
quote by Nick Nuessle (1992)
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(Hope Poem) Clinging On To The Last Bit Of Hope
Writing The Next Chapter,
Always The Next Chapter.
Clinging To The Last Bit Of Hope Knowing It Will Have To Due.
Know The Very Next Day Is Another Follow Through.
Where Is That Day Of Rest?
Where Is That Day Of Success?
A Life Full Of Emptiness.
Completely Monotonous.
Like A Soldier I Keep Putting One Foot In Front Of Next.
I Harbor No I'll Will Or Regret.
But I'm Still Getting Tired Of The Next.
Writing The Next Chapter,
Always The Next Chapter.
Clinging To The Last Bit Of Hope Knowing It Have To Due.
Knowing The End Is Far Beyond My Reach.
Even With All I Got It Means little To Nothing.
Materialistic Is So Unrealistic.
The More You Take The More You Got To Pay.
Maybe Sometime
But For Now I'm Just So Tired Of Next.
Writing The Next Chapter,
Always The Next Chapter.
Clinging To The Last Bit Of Hope Knowing It Will Have To Due.
Take Some Anti Depressants To Spread It Out.
Just Got Make It Again And Again.
Like A Constant Buzzing In My Ear That Just Won't Go Away.
It's Giving Me A Headache.
Think Soon I Just Might Break.
Like An Earthquake Everything Is Starting To Tremble And Shake.
I'm So Tired Of The Next,
But Still I'm Writing The Next Chapter.
Always The Next Chapter.
Clinging On The Last Bit Of Hope Knowing It Will Have Due.
I'm Holding On As Long As Can.
But Slowly I Feeling Less And Less Like A Man.
Just Another Weakling.
And Here Comes The Next,
Oh The Next,
THE VERY NEXT.
poem by Ace Of Black Hearts
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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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Imminent GM bankruptcy was always fiction, created by Wall Street and the media.
quote by Robert Lutz
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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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The entire exhibitions industry in the United States of America has filed for bankruptcy.
quote by Jeffrey Katzenberg
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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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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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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
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