America s Sinking Ship Of America - 2228 Words

America’s Sinking Ship It has become common to dismiss that there ever will be a United States with a national surplus. Imagine a United States that can fund every government program such as Medicare, Social Security and Welfare. A U.S. with an ample amount of money and capital so that it can add to a defense budget and raise the salaries of every military member. It is often said that America is past redemption because the current reality of America is that there is a national debt crisis that is in the trillion and is growing each second we do not solve the problem. While they rarely admit as much, American citizens often take for granted the government programs that many of them rely on to survive. The consequence that America’s†¦show more content†¦Under both procedures, creditors must immediately terminate all efforts to collect Once debtors file for bankruptcy. Most consumer debt is discharged in bankruptcy, but tax obligations, student loans, alimony, child support obligations, debts incurred by fraud, and some credit card debt incurred shortly before filing are not discharged. Mortgages, car loans, and other secured debts are also not discharged in bankruptcy, but filing for bankruptcy generally allows debtors to delay creditors from foreclosing or repossessing assets. The main difference between the two Chapters is that Chapter 7 only requires bankrupts to repay from their assets and Chapter 13 only requires them to repay from future income. Prior to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, debtors were allowed to choose between the two procedures. (White Bankruptcy Reform 183) White breaks down the two main types of personal bankruptcy; White says both types first require credit collectors all actions to get the debtor to repay their debts. She then goes on to explain which debts are wiped clear from being paid back and the main difference between the two types of bankruptcy. Chapter 7 only makes debtors repay back from their own current money and Chapter 13 lets debtors repay by taking money out of their future earnings. Some people believe that bankruptcy is something that only a small number of people file for