12/18/2017

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Bankruptcy
Have We Learned From Our Mistakes?
by John M. Roberts

Why has it become necessary for so many people to file for bankruptcy protection?

Over the past few years, many people have filed for bankruptcy to get out from under ever increasing debt loads, to keep their homes, to keep their business from going insolvent, or to find a way to stay afloat long enough to get back on their feet.

With Wall Street and the economy in disarray, bank failures, the government takeover of Fannie Mae and Freddie Mac, many people are asking themselves how and why this happened and how do we get out of this mess.

The first thing we have to do is to look at ourselves. Many of us are swimming in a pool of bad debt, in foreclosure, and/or are on the verge of, or already in, bankruptcy. We have to start asking ourselves how we ended up in so much debt.

The answer is simple. Like Wall Street and Corporate America, we, here on main street, saw a way to make some quick profits and we went for it. We let our greed and temptation get the better of us and now we have to swim or sink in our own pools of debt.

There is a silver lining to all of this. We can learn from our own mistakes and teach our children a valuable lesson about greed and following the Joneses. There's been a lot of talk, and some action, lately when it comes to helping people who are over their heads in debt. But maybe if these lessons were learned earlier, there would be less need for intervention today.

Note: Although bankruptcy laws were written to help people who find themselves in such predicaments, the laws have been rewritten to make it more difficult for people to file. This is because some people were using bankruptcy as a means to skip out on paying their debts.

 

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