Do you think there might be a better solution to stop or slow the increasing amount of bankruptcies?

Answer 1

Half of all bankruptcies are medical related. If we were to have a national healthcare system that would go a long way towards curbing people's need to have debts erased. Additionally, I feel stricter controls over the predatory lending, overextension of credit, fees, interest charges, and changing rates that credit card companies slap on would make it easier for people to control their debt.

Plus I'm all for teaching students in high school about personal finance, before they get a chance to ruin their credit.

Answer 2

I defy anyone who thinks bankruptcy is too easy to go to a bankruptcy court, watch the cases as they are being called, and see if there is anyone they want to change places with. Bankruptcy is hardly being "abused." The propaganda disseminated by the credit card companies is just that - propaganda. Most people, by far, who file bankruptcy really have no other choice. The courts, in my 25 years of experience, have generally been good at stopping abusive filings, notwithstanding what the credit card companies would have you believe. Sure, there are some occasional abuses, and they tend to get a lot of publicity. But they are very few and very far between - occur about as often as a blue moon.

Answer 3

I think the attorneys filling the Bankruptcy should be included in the bankruptcy. Then no attorney would want to file them.

Make pay back a direct garnishment of wages until it's paid in full.

We should make the laws tougher to file for Bankruptcy.

We as a society are the ones paying for those that don't pay. We could all have lower interest rates if creditors didn't have to write off so many losses due to Bankruptcy.

Answer 4

Yes, we should do a better job of teaching self responsibility and personal control. Also, we should make filing bankruptcy a lot more painful with more payback to creditors than currenty happens.

Answer 5

Yes. Prohibit issuance of unsecured credit cards with usurious interest rates such as 19% or more.

Credit card issuers are in no danger of going bankrupt themselves from consumer bankruptcies. They already factor their expected writeoff losses into their charges.

But prohibiting such high rates would force them to be more selective as to whom they extend credit (that would mean they wouldn't have the outrageous interest charges to offset their losses so easily, so they'd have to be more selective), and it would reduce the perpetual cycle of debt for those who were bad credit risks in the first place.

Answer 6

YES: The reason that bankruptcies are taking place is people believe that they don't have to worry. If we all start trying to cut back, we would all do better.

Answer 7

I think that you should have to take a personal finance class in high school before you graduate. In it, you would need to study consumer behavior (as in credit card debt) you would have to learn about minimum payments (that if you pay the minimum, you will only be paying intrest + a tiny bit), you would have to learn to balance a check book, you would have to learn about how dangerous 90 days same as cash is, and you would have to learn about IRAs, 401k and other investment types & risks associated with it.

If we don't teach it in our highschools and make it mandatory, many will never learn.

Answer 8

i think the best option would be to not allow people to overextend themselves. credit cards purposely hand out credit cards with high limits and high interest rates. people get themselves in a financial bind. i also think that there should be a mandatory high school class about finances and how to manage them and such. when i was 16 i got a credit card in the mail with a 100,000 dollar spending limit. of course i cut it up! i have never owned a credit card.