bankruptcy stay
Should it be made easier to declare bankruptcy? harder? stay the same?
I vote easier. Bankruptcy can help people with a fresh clean start in life. & I don’t want to hear any argument saying “people will think bankruptcy is something you declare on a regular basis”….everyone knows bankruptcy is a last resort.
Unfortunately, not everyone knows that. It’s common– or at least, not uncommon– among students to spendspendspend through university and then declare bankruptcy at the end of it. They live without credit into their twenties, and then get it back when they’re coming up on the age where they’re thinking about buying a house.
There is no reason why anyone should accumulate $20,000, $50,000, $80,000 in consumer debt and not know exactly what they’re doing and that they can’t afford it. No one can be “tricked” by an evil creditor into spending twice or more what they make in a year. They just keep spending and hope that something will happen in the meantime that will make paying it all back much easier (huge promotion, lottery win, etc.) That thing never comes, and so they declare bankruptcy to get out a hole they dug themselves into, at the expense of people who use their money and credit responsibly.
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