A new study suggests that distressed borrowers using a simpler bankruptcy process are succeeding — and that more people like them should try.

The process which enables this was introduced during the Biden administration.

  • ExLisper@lemmy.curiana.net
    link
    fedilink
    arrow-up
    1
    ·
    4 hours ago

    Yeah, it all makes sense. I guess things really went downhill recently. My uncle and aunt didn’t own any business. They simply got a normal, fixed rate mortgage and bought 2 floor house. They lived at one floor and rented the other. That was 25-30 years ago but we’re talking two immigrants with no education. It’s crazy how much worse things are now.

    Still, my uncle lived there until 5 years ago when he retired. Worked construction, didn’t die at 40, had enough money to go to doctors, rent apartment and send money back home. I visited him twice for summer and worked with him (illegally, don’t tell anyone). It wasn’t hard work. I was a skinny teenager back then and was able to handle it. Lots of nailing and cutting but not that much carrying heavy things. I mean I wouldn’t trade places with him but again, we’re talking about immigrant with no education beyond primary school, not speaking English and staying in the country illegally. So yeah, I still can’t really wrap my head around just how much worse things have to be now. Or maybe immigrants are just build different? They look for different opportunities, have different support networks, expect different things…