4 ms·

I can assure bankruptcy is no walk in the park in the US. While our bankruptcy laws are leagues ahead of most Europe the amount of bankruptcies is insane in the

by yardie 6y ago

I can assure bankruptcy is no walk in the park in the US. While our bankruptcy laws are leagues ahead of most Europe the amount of bankruptcies is insane in the US. The majority, >50%, are medical bankruptcies. And then you become a pariah to banks for 7 years or more! While you may believe bankruptcies are used strategically, a la Trump, vast majority are from working people who simply have no choice and are at the end of the rope.

avsteele 6y ago
This fact about medical bankruptcies is not correct. It derives probably from Sen Warren's work, but the study is quite shoddy. (e.g. it defined as a medical bankruptcy as any bankruptcy here there was >$1000 of debt at the time of filing) https://www.theatlantic.com/business/archive/2010/07/considering-elizabeth-warren-the-scholar/60211/ https://www.theatlantic.com/business/archive/2010/07/conside...