Trend: Bankrupt!

Americans in massive debt prob ain't no new revelation...but the idea that getting out of debt may have become the New American Dream may be!


•Average households carry some $8000 in credit card debt (Cardweb.com)

•1/4 of credit card users say they use plastic to buy things when they don’t have the money (AP-Ipsos Debt Poll)

•Personal bankruptcies have doubled in the past decade (Federal Reserve/ American Bankruptcy Insititute)

•About 43% of American families spend more than they earn each year (Federal Reserve)



Source: AP-Ipsos Debt Poll Dec 2004, Federal Reserve/American Bankruptcy Insititute



Source: AP-Ipsos Debt Poll Dec 2004, Federal Reserve/American Bankruptcy Insititute


Goals have turned from keeping ahead of creditors towards achieving financial independence

Financial independence indexes at 45% - up 18 from 1995, while traditional goals like saving for college or retirement decline

Source: Debt’s Double Edge, Roper Reports December 2005



Source: 43Things.com 29, Mar 2006

I've noticed radio stations (particularly the "urban" formats) increasingly host contests where listeners may get their credit bills paid off. Freedom from debt is the new "prize" for saying the 'phrase that pays'!


*THESE ARE STILL THEORIES I AM WORKING ON, ANYBODY GOT ANY OTHER THOUGHTS TO LEND CREDANCE TO DEBT FREEDOM BEING THE "NEW DREAM" IN AMERICA?



Bankruptcy Blogs
Below is a listing of interesting bankruptcy blogs. Most are directed to bankruptcy lawyers, but a few appear to be for consumers. Some appear to be hosted by law firms, others by bankruptcy product vendors, and some by official bar organizations. All have a different slant on the topic and all have something to offer.

THE BANKRUPTCY LITIGATION BLOG
http://www.bankruptcylitigationblog.com/

ELIZABETH WARREN'S BANKRUPTCY BLOG
http://www.talkingpointsmemo.com/bankruptcy/

MILTON & MARY JONES' BANKRUPTCY BLOG
http://www.bpaperfree.com/index.php

The ABI BAPCPA Blog
http://bapcpa.blogspot.com/

KEVIN CHERN'S BANKRUPTCY BLOG
http://blog.startfreshtoday.com/

JONATHAN GINSBERG'S BK BLOG
http://thebklawyer.com/thebkblog/?p=18

THE TOTAL BANKRUPTCY BLOG
http://blog.totalbankruptcy.com/

“LEGAL HELPERS” BK BLOG
http://www.legalhelpers.com/blog/

BANKRUPTCY & RESTRUCTURING BLOG
http://www.bankruptcylawblog.com/

NEW YORK BANKRUPTCY & CONSUMER LAW BLOG
http://www.drlcny.com/blog/

FLORIDA BANKRUPTCY LAW BLOG
http://www.bankruptcyorlando.com/2006/02/index.html

Source: BankruptcyMedia.com