We went out of business because of the recession, and now we are being sued for the back rent when we were still there..we made an agreement to do a payment plan. we can not make the payments because of loss of job..now we are being sued for 30k can we file bankruptcy…they gave us a 10 days notice also..please help i feel like our life is over
The number of people filing for bankruptcy protection in retirement has soared in recent years — even before the recession.
In fact, people 65 and older are the fastest-growing segment of the population seeking bankruptcy protection, according to a recent study from the University of Michigan Law School.
The problem is simple math, said Johanna Sweaney Salt, a CPA with Kaufman, Schmid, Gray & Salt in Claremont, Calif. Their medical expenses, taxes and other costs keep going up, while their income is going down. Social Security hasn’t had a cost-of-living adjustment in a long time and pensions and retirement accounts took a huge hit during the recession. Reverse mortgages and other alternatives presented to them as "solutions" often just dig them further in the hole.
"Most people think ‘Oh, I have Medicare — I’m covered,’" said Jean Setzfand, director of financial security at the AARP. "But in fact, there are quite a lot of out-of-pocket expenses — and those continue to rise." The biggest one, she said, is long-term care costs. Plus, a lot more people are going into retirement carrying a mortgage. So it is not so good as we think
I am a first year college student at Dartmouth College and have taken out a hefty amount of loans for my first year tuition. I know with the recent Wa Mu bankruptcy, that many other banks are in danger of following in Wa Mu’s footsteps. If by chance Citibank were to collapse what would become of my loans. And with our recent recession, how will I be affected in my ability to attain loans and secure a job post graduation?
Foreign aid policy of the United States is a program by which the United States of America interacts with other nations and set standards of interaction for its organizations, cooperations and citizens. The policy only spends a tiny portion of America’s annual budget (about 0.1% of the Gross National Product), but the United States still spends over billions of dollars the program. There have been arguments rising for the past few years about this policy. Some people feel that it is not enough and that we should spend a lot more helping other nations. Others criticize that we spend too much and that we should spend all money addressing problems our own problems. I think that we should spend all our money to solve our own problems before helping others.
The Great Recession is an economic decline began started after Lehman Brother’s bank declared bankrupt in December 2007. The financial crisis has also been linked to reckless lending practices by financial institutions encouraged by the government in the United States. It spread around the world and affected much of the industrialized world and has caused a significant problem in the economic world. The effect of this depression has caused deceleration in economic activity across the globe. The financial crisis has caused people in America to loose their jobs and the rate of people without jobs to increase around 10%. The situation in Europe was a lot worse, with Iceland declared bankrupt and Greece announcing that it’s going to sell land to return debt. The condition of Spain isn’t so good either, with the unemployed rate up the roof, a staggering 20%. United States is one of the world’s most important economic world leaders and it should spend more money trying to improve its economics before helping others. If America improves their economy, it’s going to affect worldwide.
During recent years, Public Colleges/Universities increased tuition to support the school due to shortage in funds. Increase in tuition has caused a problem in many of the poorer families since they couldn’t afford the school anymore. This would make those who can’t afford university lose the ability to compete with others and ultimately get eliminated. The result of this would cause the poverty to increase greatly, and for these people, they might rob/steal to try to survive in this world. The crime rates are going to rise and the society is going to be in chaos. To stop that from happening, the government of United States of America should stop spending billions of dollars to help others but to try to improve the student’s ability to afford tuition for school by offering more scholarship and/or support the public university/college.
Some people might argue that foreign aid is vital for helping countries with major catastrophes and creates a safer and prosperous world to those who need help. Major Catastrophes like Haiti Earthquake that happened in the past few years is one of the most serious natural disasters that happened in January 12, 2010 with a magnitude of 7.0. This disaster has been responsible for the death of over 230,000 people. Haiti is one of the poorest countries in the western hemisphere and the earthquake has completely destroyed Haiti’s ability to relieve victims of the disaster. Although America should preserve the funds of Foreign Aid Policy to solve the problems occurring within the country, the government should still send out resources and manpower to assist the survivors of the disaster. America should act as a leader for the rescue effort, coordinating rescue attempt between countries to make steady progress and avoid miscommunication or misunderstanding.
I think that the Foreign Aid Policy should be canceled since the United States of America should spend the money on their own problems first before assisting others. We have to help ourselves before assisting anyone else or our own country will be in serious trouble. America should spend the fund from Foreign Aid policy on helping improving the economic situation and decreasing the tuition needed to go to Public college/university. After solving the issue within the states, then the country should help others with their problems.
Obama could swig a Coke and smoke a Marlboro before every press conference. The FBI jackets could sell advertising space to Smith & Wesson. And govt cars could sell space for advertisers just like NASCAR. The federal govt could raise billions of dollars by doing ads!
The national debt is almost trillion, Obama wants us to go another $trillion into debt and the recession is deepening. As Obama said, we must take action now.
The federal government is spending more than we can possibly earn or pay back…what would we be willing to forego in order to turn this sinking ship around? Would we be willing to forego social security? Medicare? Medicaid? Healthcare? Government jobs that pay more than civilian jobs? Pensions that bankrupt the very companies that attempt to provide them? Since we are going to lose all of these perks anyway when the nation collapses under the weight of it’s own debt…would we be willing to "voluntarily" start cutting back on what we expect from our government now, before they decide it for us…like many states are having to do now with their budget crisis’s which are forcing them to cut services to the public.
Hard times are coming, which will make the recent recession look like good times…when and how are we going to start cutting back in order to save our nation?
To Krystal…we have never been 107 trillion in debt before, so this is a doomsday situation…each and every American owes 345,000 in debt…and it climbs everyday…just the interest on our debt alone will destroy us…this is as bad as it has ever been or ever will be and it is US who has to fix it.
The recession has caused many consumers to cut back on monthly spending.Carrying a monthly balance seems more like a luxury than a necessity