I have been continuing to help at the Open Door Theatre of Berkeley College and we are coming down to our final shows. I do have a cancellation for Friday May 21st. The Shaw on Film festival is canceled and also the showing of the Arms and the Man has been canceled Friday evening as well. There is a show tonight at 7, Saturday at 2, and our final show on Sunday at 2! If you have yet to come out and see the play, please do so. Again, it is on the Garret Mountain Campus in the Knuppel Community Room! We will also be accepting donations for JDRF!
I have a lot to look forward to these next couple of days. My best friend who gave birth to her beautiful little girl Madison, will be coming home on Saturday! I haven't seen her in what feels like forever, so it will be nice to see her again, this time without the huge belly!
As for my classes, everything is going smoothly. I do need to start looking into a final project already. It's a 3-5 page paper that has to do with a company or individual who declared bankruptcy, where it was controversial. I have to analyze the case and then write the paper in the form of persuasion to make my point valid to other people. I need to find something not in NY,NJ, or PA and can even write it based on famous people who declared bankruptcy. My options are open!
That has been our main focus in my Business Law class. I am going to share my post I made this week in regards to bankruptcy because I feel that everyone has different views about it, but in some way or the other, we see some people declaring bankruptcy as an excuse. If your lazy and choose not to get a job and just rack up your bills, you are solely to blame! I don't understand how people think it's ok to declare bankruptcy like it's nothing!
Here was my post for this week....the question posed was: Are bankruptcy laws currently in effect in the US too lenient?
Bankruptcy laws in the US are definitely too lenient. I actually have a friend who told me he had to file for bankruptcy, and the bank had already came in and took possession of his car. On several occasions I told him to go look for a job, at least do something, and his reply was always “Yeah, yeah, yeah!” There are people who will listen and others who just don’t want to hear what you have to say because it’s their life. As a friend, I was just trying to help, but then he ended up getting mad at me. That was a pretty stupid reason to get mad at me, but you can’t make an excuse just to get out of debt when you’re not even trying or willing to help yourself by going out and finding a job.
Everywhere we turn, there is someone filing for bankruptcy and mostly for the fact that they want to use it as an excuse to get out of debt. For this very reason, there needs to be stricter guidelines and rules for filing bankruptcy.
I looked online and found some insightful information.
“Researchers analyzed nearly 4,000 bankruptcy petitions filed in 13 U.S. cities. Their report says that more bankruptcy petitioners than previously thought have the ability to repay at least a portion of their debt, but choose not to.”
“The study found that 44% of debtors who filed Chapter 7 bankruptcies could have repaid some of their debt over a five-year period while maintaining mortgage or rent payments. In fact, five percent of the petitioners had the ability to repay all of their debt, and 10% could have paid off up to 78% of it.”
“For petitioners under Chapter 13 -- a reorganization of debt and the commitment to a payment plan of three to five years -- an estimated 70% of debtors had enough income when they filed to repay two-thirds of their non-housing debt over five years. Fifty percent could have paid off all debt.”
^^http://findarticles.com/p/articles/mi_m1272/is_n2635_v126/ai_n27522801/
I also just found this website that shows a graph of filings from 1980-2008. It’s very interesting to look at. Thought I would share this with everyone!
http://www.bankruptcyaction.com/USbankstats.htm
Based on that graph, there has been an upward trend in bankruptcy filings. People get happy, start spending all their pennies, and then realize, hey, I’m in a vast amount of debt now! It’s sad, but people need to realize that they can’t go spending all they have and then get lazy, not work, and have to file for bankruptcy as an excuse to pay off all that debt that they initially caused.
The links I have provided in there are insightful so if you get a chance either visit those or type in on any search engine you prefer anything about bankruptcies. There is a lot of information and it's really interesting to read up on.
I hope everyone enjoys their weekend and make sure you come out and see Arms and the Man!!!
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