The mystery isn’t why so many people file for bankruptcy each year. It’s why more people don’t.
Each year, only a fraction of the Americans who could benefit financially from bankruptcy actually seek relief. Economists say some don’t file because collectors aren’t aggressively pursuing them, while others may strategically delay filing because bankruptcy could benefit them more down the road.
Many bankruptcy attorneys have a much simpler explanation: Fear, a lack of information and misplaced optimism keep people from getting a fresh start.
A TEMPORARY PAUSE
About 14% of U.S. households — or roughly 17 million — owe more than they own, according to Federal Reserve Bank of New York estimates. Many of these households could benefit from having their debts wiped out, but fewer than 1% of U.S. households actually file for bankruptcy each year. Last year, there were 752,160 personal bankruptcy filings. Researchers refer to this gap as “missing bankruptcies” — the filings that could be happening, but aren’t.
Now, there’s an additional set of missing bankruptcies: the cases people normally would have filed in recent months, but haven’t. Bankruptcy filings dropped dramatically in the second quarter of this year, to about 60% of the average for the previous five years.
"Many" - Google News
September 26, 2020 at 08:02PM
https://ift.tt/333ZPLH
Weston: Fear of bankruptcy holds too many people back - The Columbian
"Many" - Google News
https://ift.tt/2QsfYVa
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
Related Posts :
The People's Republic of China: Many neighbors, many disputes - US Embassy in GeorgiaIf your country is near the People’s Republic of China, there’s a good chance you have a territorial… Read More...
For many small businesses, federal loan money has already run out - CNNThe downtown Carlisle, Pennsylvania, store is now selling its gummy worms, Bazooka gum and Harry Pot… Read More...
How do we really know how many people the coronavirus has killed? - The Dallas Morning NewsTheories about inflated and inaccurate death counts have become common as the number of people who s… Read More...
As many as 100 people involved in brawl at Anaheim, California, hotel - NBC News Two people suffered stab wounds and two were arrested after a large brawl at a Southern California … Read More...
Many worldwide were pessimistic about inequality even before COVID-19 - Pew Research Center Hundreds of people participate in the Scream of the Excluded on Sept. 7, 2019, in Sao Paulo, Brazil… Read More...
0 Response to "Weston: Fear of bankruptcy holds too many people back - The Columbian"
Post a Comment