Book Rings Alarm on Financial Status of American Middle Class –Are They Headed towards Bankruptcy?
By Karen Oakes, Southern Oregon Bankruptcy Attorney on Jan 31, 2007 in General Bankruptcy Information
In ” The Two-Income Trap: Why Middle-Class Mothers & Fathers Are Going Broke” authors Elizabeth Warren and Amelia Warren Tyagi report the following alarming statistics:$$ In the past 25 years, the number of families in bankruptcy has increased 400 percent, and housing foreclosures are up 350 percent.$$ The average middle-class family can no longer buy a house without putting both husband and wife to work.$$ Parents with young children are more than twice as likely to go bankrupt than any other segment of the population.$$ More than 90 percent of those in bankruptcy would qualify as middle-class. If these trends continue, the authors contend, more than 5 million families with children will file for bankruptcy by the end of this decade. “That would mean that across the country nearly one of every seven families with children would have declared itself flat broke, losers in the great American economic game,” Warren and Tyagi write.The book may be purchased online at BankruptcyBooks.com
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