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what about 2004 data?
what about 2004 data?
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That picture is a bit upsetting:( But then so is bankruptcy...
I saw this and then remembered that the laws just changed last year to make it harder to declare bankruptcies for individuals. It made me wonder if the government didn't see the current economic outlook coming. or at least the lobbyist did.
Personal bankruptcy should be eliminated nearly entirely. Perhaps there are a small number of truly legitimate reasons as to why someone should be able to file for personal bankruptcy, but I certainly can't think of any. I see it as a slimy way to get out of paying debts that you knowingly and voluntarily incurred. It drives up prices and interest rates for those of us who are responsible and make good on our debts.
@esquire_in_training: But corporate bankruptcy should still exist so evil CEO's can just run a company into the ground, collect their gold, and move on? Or so badly run companies (e.g. Delta Air) can just continue to rinse and repeat?
It scares me to think of having one slip up, such as getting hit by a car, and having $1.5m in hospital bills to have to deal with. Even with health \"insurance\" there's no guarantee any or all of that will be covered. I think the concept of having my life ruined (financially) over something simple like that is ridiculous. I could go out and kill someone and get arguably a less burdensome sentence.
The newer laws will help. No more going out and getting free money anymore. To do that nowadays, you have to set up a corporation. ;)
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@esquire_in_training: Major reason = medical bills. Or you prefer being sold into slavery for the rest of your life, because insurance does not cover your ''whatever'' health problem?
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2006 was artificially low since a lot of people rushed to declare before the new laws were enacted instead of stringing out as long as they could. I wouldn't be surprised that accounts for most, if not all, of the difference.