According to WordNet, BANKRUPTCY is a state of complete lack of some abstract property or failure/ inability to discharge all your debts as they come due “the company had to declare bankruptcy", or it is a legal process intended to insure equality among the creditors of a corporation declared to be insolvent.
(http://wordnet.princeton.edu/perl/webwn?s=bankruptcy&sub=Search+WordNet&o2=&o0=1&o7=&o5=&o1=1&o6=&o4=&o3=&h=000)
Are people spending more than their earnings, especially the young adults? Where do people get so much of money? The banks offer them to get credit cards and encourage them to spend more, and when they spend over budget and they are unable to put up with the debts, the bank declares them as bankruptcies. People spend more than they can afford to satisfy their wants. Is this a necessity in today’s society? Due to this, that is why there are so many people going bankrupt.
Let us have a look at ‘The Seattle Time, Washington’ on the 24th of November 2008 where the percentage of bankruptcy has rise to 40%. This state is ranked 12th in the America Nation with the most bankruptcy. It is to be said, “Bankruptcy filings state wide are up 40 percent from a year ago — the highest level since Congress changed the law in 2005 and made it tougher for people to cancel their debts”. This news is based on the rise on bankruptcy where American citizens are unable to pay off their housing debts.
(http://seattletimes.nwsource.com/html/localnews/2008428045_bankrupt24m.html)
What has happened has already been done. People make mistakes. However, when there is so many social issues out there that are unsolved, do we need another one adding to our list?
The question here is that how are we going to help solve this current social issue on spending more than we earn?