Then, at last the rich man fell into poverty and he was unable to get help, even for himself. Bankruptcy filings rise in US

GREETINGS,

    ”  The powerful, rich world of Christianity especially America, is made to seem as immovable as the mountains. But it is not impossible to remove mountains; they can be removed by high explosives. So wealth and power also can be reduced to nothing.

  We are now living in the judgment, or doom, of the white man’s world. Preparations have been made to meet every effort by the white man to oppose the beginning and setting up of Allah’s new world of righteousness (Islam.) TFOA)

………” They remind you of the parable of “The Rich Man and the Poor Man.” As long as the rich man enjoyed luxury, he cared nothing about luxury for his slave, Lazarus.

  Then, at last the rich man fell into poverty and he was unable to get help, even for himself.

  The Bible says of the poor Black slave that “none helped them.” Now the rich man gets in the place of his once slave. The rich man can witness how it feels to be a poor man. “–pg.252(TFOA)

 

 

 

 

 

It costs money to file for bankruptcy and many Americans could not afford to pay the average of $1,477 in fees necessary, write economists Tal Gross, Matthew Notowidigdo, and Jialan Wan.

 

 

 

Total bankruptcies rose 7 percent in 2008 after Americans received their tax refunds, according to their research.

 

 

 

Going broke wasn’t always so expensive. The turning point was the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, which increased by 60 percent the legal and administrative fees necessary to file for bankruptcy, according to the paper. The law also mandated that people had to pay for their own credit counseling before filing.

 

 

 

While total bankruptcies rose 2 percent after tax rebates in 2001, they increased 7 percent in 2008: a more than threefold increase.

 

 

 

The authors of the paper concluded that the increased fees prevent households low on cash from filing for bankruptcy, rather than screen out households that would not gain much from bankruptcy.

 

 

 

The 2005 bankruptcy law severely curtailed Americans’ ability to file for bankruptcy. Though more than 2 million Americans filed for bankruptcy in 2005 — near the height of the housing boom during relatively good economic times — that number plunged 71 percent to 598,000 in 2006, according to the American Bankruptcy Institute. More than 1 million Americans per year had filed for bankruptcy in every year between 1996 and 2005. The number of Americans filing for bankruptcy per year exceeded 1 million again in 2008 when the financial crisis struck. Huffington Post

 

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