PRESS-NEWS.org - Press Release Distribution
PRESS RELEASES DISTRIBUTION

Bankruptcy Filings Rise As Stigma Falls

More and more Americans are turning to bankruptcy to get a fresh start, and the shame that once existed around filing has significantly diminished.

2011-04-14
April 14, 2011 (Press-News.org) The statistic is breathtaking: "More Americans filed for bankruptcy last year in the United States than in the entire decade of the 1960s," reports an article on MSN Money. The slowness of the recovery combined with the mountain of debt has put more people in the position of filing for bankruptcy than ever.

With the recession, more people have had problems paying their bills, in part, due to the fact they have more debt. From 1990 to 2003, credit card lending increased from $173 to $683 billion. Much of the lending was for subprime credit cards, which grew even faster than the rest of the credit industry.

Combine this massive increase in credit growth with incomes that had been flat or declining for 30 years, and mix in the most severe economic crisis since the great depression and the results are hardly surprising.

Bankruptcy Filings at Record Levels

The American Bankruptcy Institute (ABI) reports personal bankruptcies rose to 1.53 million in 2010. The number of filings has increased each year since 2005, when bankruptcy laws were revised by the Bankruptcy Abuse Prevention and Consumer Protection Act.

Ironically, the law was passed with the intention of making it more difficult to file a Chapter 7. Still, two-thirds of the filings last year were under Chapter 7.

Last year's number far exceeds the 1,407,788 total consumer filings recorded in 2009, a trend that the ABI attributes to growing debt and a weakened economy.

Economic Reality: What Bankruptcy Means Today

Bankruptcy used to carry a much greater sting than it does today. Credit was much harder to obtain, and many felt the need to protect their credit worthiness at all costs. Bankruptcy was seen as a last resort.

With much easier credit, and easier bankruptcy, many debtors find that it is easier to obtain credit after they have filed a bankruptcy than when they are struggling with their debt payments.

Some debtors report receiving offers for credit cards even before their bankruptcy is completed. The reason is simple. Once you have discharged all of your debts, all of your disposable income is available for making payments on a new credit card.

The stigma is further diminished by the knowledge of others filing (over four million since 2008); many people know someone who has filed for bankruptcy. Most are not cavalier about their debt, but were overwhelmed by job loss, medical problems and other debts.

If you find yourself receiving non-stop collection calls and demand letters, speak with a bankruptcy attorney. They can examine your situation and work to help you get a fresh financial start.

Article provided by Law Offices of David J. Hernandez
Visit us at www.djhernandez.com


ELSE PRESS RELEASES FROM THIS DATE:

Children victims of most eye injuries from aerosols

2011-04-14
PROVIDENCE, R.I. [Brown University] — Children were the victims in more than half of the emergency room visits for eye injuries related to aerosol cans between 1997 and 2009, according to a new study by researchers at Brown University. More could be done, they said, to prevent injury from the pressurized and often harsh chemical contents of the common products. The youngest children, ages 0 to 4, were the most likely to be hurt with an estimated 2,830 emergency room visits during the study timeframe, according to the study published in advance online March 30 in the American ...

Coffee in capsules contains more furan than the rest

Coffee in capsules contains more furan than the rest
2011-04-14
"Preparing a coffee in a drip coffee maker is not the same as making one in an espresso machine or from capsules, because these give rise to differing levels of furan", Javier Santos, a professor at the Department of Analytical Chemistry at the University of Barcelona and lead author of the study, tells SINC. Concern has risen over recent years about the presence of this compound in foods, because of its toxic and carcinogenic effects in animals, as well as the fact that the International Agency for Research on Cancer has listed it as a possible carcinogen in humans. Against ...

Texas Debating Sex Offender Registration Changes

2011-04-14
The stigma of a sex crime is something that can follow someone around for years, if not a lifetime. If a conviction results, many different punishments may be handed down. Not only may there be extensive prison time, but offenders will also be required to demonstrate that they have been rehabilitated. Additionally, those convicted will also need to register as a sex offender. Once someone is on this list it becomes very difficult to be removed. Some sexual offenses require lifetime registration. All of this costs a lot of money for states. Many jurisdictions have embraced ...

Researchers create privacy mode to help secure Android smartphones

Researchers create privacy mode to help secure Android smartphones
2011-04-14
Researchers at North Carolina State University have developed software that helps Android smartphone users prevent their personal information from being stolen by hackers. "There are a lot of concerns about potential leaks of personal information from smartphones," says Dr. Xuxian Jiang, an assistant professor of computer science at NC State and co-author of a paper describing the research. "We have developed software that creates a privacy mode for Android systems, giving users flexible control over what personal information is available to various applications." The ...

Trial Court Upholds $4.2 Million Verdict Obtained by Greene Broillet & Wheeler, LLP in Lawsuit Against Paul Revere Life Insurance Company and UNUM Group

2011-04-14
A Los Angeles Superior Court trial judge has rejected a motion for a new trial in a case against defendants Paul Revere Life Insurance Company and UNUM Group involving a disability insurance policy. The jury had previously found the defendants liable for bad faith and breach of an insurance disability contract before awarding $4.2 million in damages to the insured. The plaintiff, a dental hygienist, first purchased an individual disability insurance policy from Paul Revere in 1988. After she began to suffer from several disabling medical conditions in 1996, including ...

U.S. Justice Department Sues HSBC India for Disclosure of Accounts Held by United States Taxpayers

2011-04-14
The United States Department of Justice continues its vigorous efforts to open up foreign secret bank accounts. In its latest move, the United States Department of Justice, on behalf of the Internal Revenue Service has filed suit in San Francisco, California against HSBC India to require the disclosure of United States tax payers accounts. The Justice Department is committed to ensuring that all US tax payers meet their obligations to declare and pay taxes on foreign bank accounts. The IRS has announced that it is continuing to focus its attention on international tax evasion. The ...

Programming regret for Google

2011-04-14
Tel Aviv — Human beings are well aware that hindsight is 20/20 — and the product of this awareness is often what we call "regret." Could this hindsight be programmed into a computer to more accurately predict the future? Tel Aviv University computer researchers think so — and the Internet giant Google is anxious to know the answer, too. Prof. Yishay Mansour of Tel Aviv University's Blavatnik School of Computer Science launched his new project at the International Conference on Learning Theory in Haifa, Israel, earlier this year. His research will help computers minimize ...

Preparing for a cool life -- seasonal changes in lipid composition

2011-04-14
Animal cell membranes are a bilayer of phospholipids (charged fat molecules) made up to various degrees of fatty acids that must be acquired from the diet. The essential polyunsaturated fatty acids have been shown to be important in resistance to a variety of diseases and in coping with changes in body temperature. It is generally believed that mammals are unable to alter the proportions of essential fatty acids in their cell membranes except by changing their diets. Furthermore, mammals are unlikely candidates for extensive temperature-induced alteration, known to occur ...

New evidence that chronic ulcerative stomatitis is an autoimmune disease

2011-04-14
BOSTON (April 13, 2011) — In the first study investigating the origins of a little-known condition called chronic ulcerative stomatitis (CUS), researchers at Tufts University School of Dental Medicine provide evidence that an autoimmune response contributes to the painful oral sores that characterize the disease. The study findings support the classification of CUS as a new autoimmune disease. Chronic ulcerative stomatitis is characterized by painful, recurring sores in the mouth. Thus far, it has been diagnosed most frequently in white women in their 40's and 50's and ...

New Jersey Health Care Directives and Graduating Seniors

2011-04-14
High school graduation ceremonies are typically called "commencement" for a good reason. Life goes on after high school. The pomp and circumstances marks an end, but also a beginning. A transitional moment like this involves more than just putting on a nice reception. It is a good time for parents to review the status of their graduates' health care arrangements. This starts with making sure there is coverage under an appropriate insurance policy. But you should also realize that, once your child turns 18, you will not have the same ability to direct his or her medical ...

LAST 30 PRESS RELEASES:

Scientists reverse Alzheimer’s in mice using nanoparticles

‘Good’ gut bacteria boosts placenta for healthier pregnancy

USC team demonstrates first optical device based on “optical thermodynamics”

Microplastics found to change gut microbiome in first human-sample study

Artificially sweetened and sugary drinks are both associated with an increased risk of liver disease, study finds

Plastic in the soil, but not as we know it: Biodegradable microplastics rewire carbon storage in farm fields

Yeast proteins reveal the secrets of drought resistance

Psychiatry, primary care, and OB/GYN subspecialties hit hardest by physician attrition

New Canadian study reveals where HIV hides in different parts of the body

Lidocaine poisonings rise despite overall drop in local anesthetic toxicity

Politics follow you on the road

Scientists blaze new path to fighting viral diseases

The mouse eye as a window to spotting systemic disease

AI and the Future of Cancer Research and Cancer Care to headline October 24 gathering of global oncology leaders at the National Press Club: NFCR Global Summit to feature top scientists, entrepreneurs

FDA clears UCLA heart tissue regeneration drug AD-NP1 for clinical trials

Exploring the therapeutic potential of cannabidiol for Alzheimer's

We need a solar sail probe to detect space tornadoes earlier, more accurately, U-M researchers say

Acute myeloid leukemia (AML): Disease risk but not remission status determines transplant outcomes – new ASAP long-term results

Sperm microRNAs: Key regulators of the paternal transmission of exercise capacity

Seeing double: Clever images open doors for brain research

Inhaler-related greenhouse gas emissions in the US

UCLA Health study finds inhalers for asthma and COPD drive significant greenhouse gas emissions

A surgical handover system for patient physiology and safety

Cardiovascular health changes in young adults and risk of later-life cardiovascular disease

Nurse workload and missed nursing care in neonatal intensive care units

How to solve the remote work stalemate – dissertation offers tools for successful hybrid work

Chip-based phonon splitter brings hybrid quantum networks closer to reality

Texas Children’s researchers create groundbreaking tool to improve accuracy of genetic testing

Milken Institute, Ann Theodore Foundation announce more than $2.5 million in new funding for sarcoidosis research and launch new call for proposals

Boston University professor to receive 2025 Eugene Braunwald Academic Mentorship Award

[Press-News.org] Bankruptcy Filings Rise As Stigma Falls
More and more Americans are turning to bankruptcy to get a fresh start, and the shame that once existed around filing has significantly diminished.