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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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.

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