Part Summary: In this the thirteenth chapter of Wizards, we are going to take a look at another Chapter 13 … and a Chapter 7 and a Chapter 11 – these chapters are some of the main ways under federal law to file for Bankruptcy. Importantly we will look at the strong relationship between the non-stop credit offers we find stuffing our mailbox, e-mail and voicemail everyday, the innovative financial Wizardry behind such offers and the rapid rise in personal bankruptcies. We’ll examine who does file for bankruptcy and what causes them to go bankrupt. Then we’ll look at the new Dream Bill of the Credit Card and Banking Industries – called “Bankruptcy Bill” – that looks set to pass into law soon. Bankruptcy Bill is aimed at thwarting people’s attempts to be caught in that final, last-resort, safety net, known as the bankruptcy court. To help us understand both the credit offer onslaught and the salient features of Bankruptcy Bill we’ll talk to Margaret Howard, a Law Professor at Washington and Lee University, and visiting scholar at the American Bankruptcy Institute.
Series Summary: The Wizards of Money is an educational series that questions the validity of the global monetary system. Listen and discover amazing facts about the world-wide debt system we’ve all been enslaved by, and how this system produces economic disparity and the massive poverty conditions in which most people find themselves today.