Quote

Medical debts are the number-one cause of bankruptcy in America.

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.

Restrict bankruptcy rules.

Bankruptcy is about financial death and financial rebirth. Bankruptcy is the great American story rewritten. We're a nation of debtors.

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.

People aren't going to go bankrupt anymore if they have a serious illness, which was a serious issue here in the country before the Affordable Care Act. And, in fact, the expense of expanding health care for those who need the subsidy is picked up by the federal government for most of the early years.

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.

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.

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.