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.
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.
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…
renting out part of the house probably helped with thier finances, ,my parents did the same, but they got lazy about like 10 years ago, and stopped renting, and things got piled one is a hoarder which make things worst.
My grandfather never even went to high school. Though he was self educated.
He has his own home. Worked as a janitor for a hospital for a large chunk of his life that paid pretty decently.
But those years are gone.
If minimum wage matched what it did in the 70s with inflation, it would be $20 an hour. It’s half that.
Even when I was 20 (2005) working two minimum wage jobs, I was able to afford my own 1 bed apartment.
Wasn’t great. Was in a bad neighborhood. But I did live alone and was okay.
That’s not possible for people anymore.
And rent is insane. It’s probably went up nearly 30-40% in the last 10 years in a lot of places.
I’m from a very poor rural area where rent typically is $400 for a 1 bedroom.
My mom told me that rent now is like $800 for that area.
For a 1 bedroom.
That was the cost to rent a 2 bedroom house just a few years ago.
Corporations buying up everything. Even in small rural areas.
Trailer courts are also getting bought up and people are abandoning their trailer homes because the lot rental has doubled.
It’s very sad to see.