By Teresa A. Sullivan
This unsettling e-book opens a major and troubling window on American society on the threshold of a brand new millennium. The authors are the prime specialists on financial disaster within the united states, and this examine the excessive price one of the center classification (as against the negative and close to negative) offers a barometer of large social alterations. it's written in particular with the overall reader in brain.
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Extra info for The Fragile Middle Class: Americans in Debt
In that sense bankruptcy becomes part of the fulﬁllment of a middle-class value. Some debtors may view their Chapter 13 plan as a way to meet their obligations and to learn better money management. In our surveys, nearly ﬁfty debtors volunteered the information that bankruptcy was a last resort, ﬁled only after all other alternatives had failed. Many say they will never let it happen again. 17 And ﬁfty-three-year-olds would usually be considered established and comfortably middle-aged. The data demonstrate that Willis and Sandra Creighton are not merely isolated examples of the middle class and middle-aged in bankruptcy.
W i l l i s c r e i g h to n , Houston, Texas Willis Creighton and his wife, Sandra, ﬁled for bankruptcy in Chapter 7. He is ﬁfty-three years old, and she is forty-eight. He has a college degree, and she is a high school graduate. Sandra also reports a job disruption during the two years before they ﬁled bankruptcy. As he noted in his written comments, Willis is still seeking work. He explains that the failure of the thrift institution he headed also caused his personal ﬁnancial failure when he could not locate another job.
The reality behind these statistics is more complex than the feminization of bankruptcy. What happened is that married women joint petitioners were replaced by single-ﬁling women in some parts of the country. Marcia James lives in the Western District of Tennessee, where single women ﬁlers are relatively most common. The national experience was not homogeneous, however, with Texas retaining signiﬁcantly more joint ﬁlings than the other states. 34 From the little that we have been able to observe, it appears that women in bankruptcy behave similarly to men.