Now in Legal Rebels:
Posted Aug 01, 2013 10:50 am CDT
Which jobs do Americans love to hate? A series airing on public radio stations highlights two of them: traffic officers who hand out parking tickets, and bankruptcy lawyers.
The program at Marketplace.org features an interview with bankruptcy trustee Edward Wolkowitz, who says bankruptcy can provide relief from collector phone calls and business problems.
The interviewer asks Wolkowitz about the biggest misconception about bankruptcy.
“I think people still believe that bankruptcy provides an ability to actually scam the system,” Wolkowitz replies. Sometimes that’s true, he says, but there are also some people who are struggling to repay debt that has become unmanageable because of high interest rates.
“Some of these credit cards run interest at the rate of 35 percent,” Wolkowitz says, “and somebody who maybe eight or nine years ago borrowed $10,000 on their credit card and basically just paid the minimum could easily get up to close to $100,000 in credit card liability without having essentially gone and bought luxury goods.”
What is your 'desert island' book?