Insolvency

We come back to an ongoing conversation as regards debt and unemployment in America. Southfield, Michigan bankruptcy attorney Clinton Hubbell joins us to discuss what exactly the federal bankruptcy code says, and how it protects you.

More and more Americans are filing for bankruptcy, and the biggest reason people are doing so isn’t excessive spending or job losses. According to a recent study, 62 percent of the people who file for bankruptcy do so because of medical debt.

Congress is currently debating the possibility of bankruptcy reform, but does this legal insulation meant to protect the American worker still function in this economic climate? Alvin Hall, a financial consultant, shares his advice on The Takeaway.

“The best way to get them to change the way they do business is have them go into bankruptcy.”
–Alex Taylor on U.S. auto makers