More than a million American families now file for federal bankruptcy annually, and many more are perilously close to financial disaster. In this important analysis of hard-pressed families, recently featured in articles in Newsweek, Forbes, Chronicle of Higher Education, and the New York Times, the authors discover that financial stability for many middle-class Americans is all too fragile. The authors consider the changing cultural and economic factors that threaten financial security and what they imply for the future vitality of the middle class.
Lessons from the ’90s This book discuss the reasons in the increase number of bankrutptcy filings within the last decade. The ’90s was a time of great prosperity. Huge technological changes came by. In many ways our community life seems easier with advance in medicine, transportation, communication and the Internet. But reality is very confusing as you read “The Fragile Middle Class”. Real average income decreased. A higher family income was reached due to the fact that, like never before, there was…
Not Only Fragile but Vulnerable As a 20-year bankruptcy practitioner,I believe this book is a “must read” for any one whose income is less than seven-figure. It could happen to you! The factors leading to bankruptcy are varied, but have a common thread: an over extension of credit and a “hiccup” in life that makes it unduly burdensome or impossible to shoulder the debt. The seductive siren call of “For everything else there is MasterCard” and “VISA, everywhere you want to be” or…
Wake-up Call for Women and the Middle Class This is an important book for women to read. It explores how our seemingly-secure middle class lifestyles may be shattered by a job loss or a serious accident or illness. The authors explain how credit card debt makes families particularly at risk. The most disturbing chapter to me was the description of what happens to women following divorce. The authors show that a divorced woman has a 300% greater chance of filing for bankruptcy than her married sister. Can it be, as the authors say,…