Bankruptcies Are On The Rise

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America is a country full of overindulgent spenders. The American dream of get now, pay later has come full circle and the fall out has been significant. A generation of people who want immediate gratification has come crashing down. The consequences are heavy the price is high.

Two generations ago is what Tom Brokaw called "The Greatest Generation". Why? That generation understood the value of money. No one gave them something for nothing and there were no entitlement programs. Either they worked hard or they went without. They knew how to make to or do without. Not today, we know how to buy new and through away. When the Bic pen was first introduced, it was predicted to be an immediate failure. No one would buy a pen they knew was going to be thrown away was the philosophy of the time. Nothing was disposable certainly not money!

Bankruptcy in California was unheard of. There was little credit, little lenders, little borrowers, and little debt. Now while that may all sound good and well on paper, it was a difficult time for people. Without credit, if you needed a doctor, food, or clothing, too bad. It simply wasn't available. If you wanted to buy a home or a car, you had to have impeccable credit. It was difficult for families.

A study was recently conducted where preschool children were given three big puffy marshmallows, they were told that they could eat the marshmallows now, or hold off for three more marshmallows in five minutes. An interesting study followed the children through adolescence. Those that at an early age had the ability to put delay instant gratification were more successful. The little tots that happily crammed the big mallows into their mouths never thinking about the future, struggled when it came to delayed gratification. Delayed gratification is what allows people to go to graduate high school, work their way up in a job, go to college, do post graduate work, save some of what they earn, make do with what they have, and not buy until they can afford it.

Sometimes life just throws curves at you. Unexpected illnesses, car problems, loss of job and other unforeseen events can land you in Bankruptcy in California without any overspending on your part. That is why those institutions are in place. For the rest, it would be wise to follow the example set by The Greatest Generation of Americans; bankruptcy is a heavy price to pay for overindulgence.


About the Author:
Borowitz and Clark, LLP is a bankruptcy in California B & C LAW the bankruptcy lawyers for eliminating Your Debt Quickly. (http://www.blclaw.com)



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