Why is bankruptcy an acceptable, legitimate means to try to save your home and deal with other debt ? William D. Cohan, writing in the New York Times, gives us the answer:
“Indeed, for corporations across the country, both big and small, using the bankruptcy process to eliminate unwanted debt and liabilities is such an accepted practice that we don’t really give it much thought anymore. That is the beauty of the corporate bankruptcy process (if you care to look at it that way): Creditors must acknowledge they made poor investments by taking a fraction of their original principal and companies get a second chance.
Why, then, can’t a similar process be put in place to help the millions of American homeowners who for whatever personal reasons — usually no less justifiable than those offered up by G.M. or Chrysler — are unable to make their monthly mortgage payments? Why do the corporate fat cats get a respected and legitimate way to flush their unwanted debts but individual Americans homeowners don’t?” click here for the full story
Yes, that’s right, American corporations for years have used bankruptcy to save jobs, save companies and help the economy. American citizens deserve no less !