Bankruptcy

If Everyone is Bankrupt, Does Bankruptcy Have any Meaning?

By Joseph McDaniel, Esq.

It's called the U.S. Debt Clock.

If you take a look at the numbers and you aren't disturbed by them, I think you aren't paying attention.

There are a lot of items on the Debt Clock to make you say "Eeeek!"

One is that personal debt seems, if I am reading it correctly, to average above fifty thousand dollars per person, and while personal savings appear to average around fifteen hundred per person. That seems a little off-kilter to this particular Arizona bankruptcy attorney.

The scariest is the following: apparently, the total unfunded liability (medicare, prescription and social security) is greater than the value of all national assets. Turns out that average assets per citizen is about $234,000. That seems high to me, but I suppose you have to factor in Donald Trump and Bill Gates, and that brings the average way up.

On the other hand, the average liability for the unfunded liability number associated with medicare, social security and and prescriptions) is about $351,000.

Not mortgages, or credit card debts, mind you; those are pretty high, themselves. But just good old unfunded promises in the system seem to make everyone insolvent.

That seems bad to me.

I could be wrong, of course.

But I don't think so!

It appears that if the United States had a bench, that bench would be in great danger of being broken (that is, becoming bankrupt).

I wonder where the Responsible Party for the United States needs to report for the First Meeting of Creditors?

Geneva? Or China?

NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.

Full post as published by Arizona Bankruptcy Attorney Blog on May 24, 2010 (boomark / email).