Know what happens when an individual declares bankruptcy and how it affects his or her life.
Sentiment: NEGATIVE
Bankruptcy is a serious decision that people have to make.
Most women file for bankruptcy in the aftermath of a serious medical problem, a job loss, or a family break up. It is hard to protect against those.
Bankruptcy is about financial death and financial rebirth. Bankruptcy is the great American story rewritten. We're a nation of debtors.
Generally speaking, companies get into bankruptcy as a kind of meritocracy. Somebody made some sort of big mistake, to get into bankruptcy, and very often, a part of the mistake is too much leverage.
Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start. This principle has never been giving only certain people a fresh start.
By the time most people file for bankruptcy, their credit is already trashed, they have a high debt-to-income ratio - a key indicator lenders look at - and they've likely defaulted on more than a few accounts.
Bankruptcy exposes the economic vulnerability and insecurity of middle class women.
Some economists estimate that for every family that goes bankrupt, there are about 15 more who are in the same amount of financial trouble and would profit from bankruptcy but just haven't filed.
When a company goes bankrupt, you as a company have absolutely no say whatsoever as to what happens.
Restrict bankruptcy rules.