Middle-class people have filed for bankruptcy at increasingly alarming rates in the past couple of years and the emotional strain of having to do so, is crushing them, some so much that they give up completely and a few have even taken their own lives. According to a new study by Elizabeth Warren, Harvard Law School Leo Gottlieb professor of law, and Deborah Thorne, Ohio University associate professor of sociology, "More than 100,000 middle-class families filed for personal bankruptcy every month in 2007."
This is devastating to the middle class. Truly, if a person on welfare has to file for bankruptcy, it can be emotional, but not devastating, the way it is for middle class folks, and in fact, might even represent a new start for those who depend on government assistance to pay most of their bills. The people who live on welfare can file for Chapter 7 bankruptcy and usually, the only thing that they risk in doing so, is marks on their personal credit score. This of course, can be recovered through opening up another credit card, paying on time, and opening yet another one or financing something like a new car or furniture down the road.
The middle class lose their homes in bankruptcy and this in itself drives them literally over the edge. This segment of the population stands for the "American Dream" far more than any other segment. When thinking middle class, a picture already comes to mind of the three bedroom, two bath home, in the suburbs, the cat and the dog, and the son and daughter, or maybe more kids running around in the backyard and playing happily. This kind of lifestyle personifies it. It is this goal, that Americans are either striving to have or striving to maintain.
This is devastating to the middle class. Truly, if a person on welfare has to file for bankruptcy, it can be emotional, but not devastating, the way it is for middle class folks, and in fact, might even represent a new start for those who depend on government assistance to pay most of their bills. The people who live on welfare can file for Chapter 7 bankruptcy and usually, the only thing that they risk in doing so, is marks on their personal credit score. This of course, can be recovered through opening up another credit card, paying on time, and opening yet another one or financing something like a new car or furniture down the road.
The middle class lose their homes in bankruptcy and this in itself drives them literally over the edge. This segment of the population stands for the "American Dream" far more than any other segment. When thinking middle class, a picture already comes to mind of the three bedroom, two bath home, in the suburbs, the cat and the dog, and the son and daughter, or maybe more kids running around in the backyard and playing happily. This kind of lifestyle personifies it. It is this goal, that Americans are either striving to have or striving to maintain.
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