Bankruptcy: Frightening Reality Since the 1960s, personal bankruptcy has oft served as a refuge for the young and struggling. Bankruptcy lawyers vow younger and less-educated people tended to rack up too much(prenominal)(prenominal) debt art object starting families and jobs, without a savings cushion to stand them by means of lean times. Thats changing, as personal bankruptcy filings slip up all-time highs. Last year, there were more than 1.6 million such filings, nearly twice as many as a decade earlier. Some experts say much of the increase is induction driven by older people, many with decades of work develop in white-collar jobs.
In 2001, per capita filings by people ages 45 to 54 increased 58% from a decade earlier, worst to one study. Bankruptcy is a legal proceeding that allows a person who is overwhelmed with debts to eventually become debt-free. In a symbolical personal-bankruptcy case, credit-card balances and other "unsecured" debts-which are not backed by any collateral-are wiped out entirel...If you want to get a abounding essay, order it on our website:
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