|
|
|
Selling Your Assets – What to Expect
If you are selling an annuity or settlement or other type of asset, you should know what you are getting into. This article explains what you can expect.
If you have a settlement, pre-settlement, lottery winning, property note, anniuty,...
Structured Settlement – Guaranteed Income for those with Disabilities
Up until twenty years ago, anyone who won a lawsuit as a result of a claim involving worker’s compensation, wrongful death or accident had to accept a lump sum payment as their compensation. The payment would be intended to be invested, with the...
The Absolute Best Time To Sell Your Note
The Absolute Best Time To Sell Your Note
A note investment represents a valuable asset, and the decision
to sell can only be answered based on individual needs. It's a
fact that interest rates are now at an all time low, so
investors find...
The Time Value of Money
Life is about decisions, whether they relate to your work,
business or personal life. Often ignored is the interplay
between all these areas, and the fact that a little
interdisciplinary thinking can go a long way. This might sound
obtuse, but...
Understanding Structured Settlements and their Advantages
Put in simple terms, a structured settlement is merely an agreement that’s reached between a plaintiff and defendant that outlines the flow of payment that the plaintiff receives, due to injury. These payments – which are made over a specified...
|
|
| |
|
|
|
|
|
|
Utah, the Nation’s Bankruptcy Capital
Congress recently passed the Bankruptcy Abuse Prevention and Consumer Protection Act, designed to minimize frivolous bankruptcy filings and to require debtors to repay some of their debt. Once it takes effect in October, 2005, the law will make it harder for those with problem debt to have their debt wiped away by the courts. Most will have to agree to a five-year repayment plan. In passing this new law, members of Congress suggested that our bankruptcy courts are filled with cases involving not ordinary citizens, but with reckless gamblers, shoppers, and drug abusers. Is that really the case?
One would think, given the accusations, that the highest bankruptcy rate in the Untied States would be in place where such vices were common, such as California, New York or even Nevada. If problem gambling is thought to be the cause of so much bankruptcy, then one might assume that Las Vegas would be the bankruptcy capital of the world. How odd it is, then, to discover that Utah, one of only two states that prohibits gambling completely, has the highest per capita incidence of bankruptcy filings in the United States. Utah? How can that be?
Utah has a number of aspects that, taken on their own, don’t suggest that bankruptcy would be a problem. Added together, however, these things create a recipe for disaster:Utah has the nation’s highest birthrate. Seventy percent of the citizens of Utah are members of the Church of Jesus Christ of Latter-Day Saints, and members are encouraged to have large families. It costs more to feed, clothe and house a large family than a small
Associated Websites
one.
Utah has more families with only one wager earner. Large families mean more stay-at-home moms, so a lot of families must get by on a single paycheck.
Utah’s wages are lower than average. Many high tech companies have relocated to Utah in recent years, but the “high tech” jobs they provide are often telephone customer service jobs, which typically pay $8-10 per hour.
Members of the LDS Church are expected to tithe 10% of their income to the Church.
While Utah’s home prices are not among the highest nationally, they are fairly high when compared to the average wage within the state.
The combination of large families, fewer workers per family, church donations and low wages have contributed to an economic environment that makes it very hard for many Utahns to stay afloat financially. This is in direct contrast with the arguments put forth by Congress when the new bankruptcy law was proposed, which suggested that most people filing for bankruptcy are simply irresponsible. For many hard-working people in Utah, the new law will make it harder than ever to make ends meet.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and StructuredSettlementHelp.com, a site devoted to information regarding structured settlements.
|
|
|
|
|
|