BANKRUPTSY UNLIMITED

Bankruptsy is a situation people like us would not actually like to be in. But American daily sets new trends for the rest to follow.
The lastest of USAs trends is bankruptsy, easier said than done, it needs elaborate planning in order to land up bankrupt & there after evade the debts you owe.

USA & Britain have always had the most debtor-friendly bankruptcy laws, enabling bankrupt individuals to live life in peace even if they fall into huge debts by protecting them against their own debts. Since it is easy for persons to evade such bills very naturally the number of bankrupt companies has expanded mammothly in the past 20 years .
- 2005 ; 35,898 people filed for bankruptcy protection. A proof of the amount of people planning to go bankrupt.
The US legeslation is trying to amend laws in order to make the constitution less debt friendly as the fact that the debter is the sole villain behind all of it. More & more people seem to be seeking debt protection & are falling into huge debts.

Congress clearly blames the debtor, not his financial enabler. The new bill will make it harder for individuals to declare Chapter 7, the most common form of bankruptcy, which allows debtors to walk away from their debts, often while shielding exempt assets like cars and homes. Those whose income is above the median in their state, and who are able to pay at least $100 a month after allowed expenses, will be forced to enter Chapter 13, where they must repay at least part of their debt over five years. Debtors will have to document their income more extensively and go for credit counselling. Serial Chapter 13 filings, which are often used to stave off foreclosure or eviction, will be blocked.

All the while Europeans are quite bemused at the immorality of American citizens they might also wonder why Americans are so eager to move their bankruptcy law closer to Europe’s—especially since Europe is busily trying to emulate America. Until around 20 years ago, consumer bankruptcy didn’t even exist in many European countries, and corporate bankruptcy was a draconian process too dreadful for all but the most desperate managers to contemplate. Since then, these nations have relaxed their laws precisely because they see the economic benefits this has brought America.

Bankruptsy seems to be seeping in now as its benefits outrun the losses.....................!