Explains how serious the federal fiscal situation is, how the crisis happened, what will happen in the near future, and what can be done about it.

Bankruptcy in America, in stark contrast to its status in most other countries, typically signifies not a debtor's last gasp but an opportunity to catch one's breath and recoup. Why has the nation's legal system evolved to allow both corporate and individual debtors greater control over their fate than imaginable elsewhere? Masterfully probing the political dynamics behind this question, David Skeel here provides the first complete account of the remarkable journey American bankruptcy law has taken from its beginnings in 1800, when Congress lifted the country's first bankruptcy code right out of English law, to the present day. Skeel shows that the confluence of three forces that emerged over many years--an organized creditor lobby, pro-debtor ideological currents, and an increasingly powerful bankruptcy bar--explains the distinctive contours of American bankruptcy law. Their interplay, he argues in clear, inviting prose, has seen efforts to legislate bankruptcy become a compelling battle royale between bankers and lawyers--one in which the bankers recently seem to have gained the upper hand. Skeel demonstrates, for example, that a fiercely divided bankruptcy commission and the 1994 Republican takeover of Congress have yielded the recent, ideologically charged battles over consumer bankruptcy. The uniqueness of American bankruptcy has often been noted, but it has never been explained. As different as twenty-first century America is from the horse-and-buggy era origins of our bankruptcy laws, Skeel shows that the same political factors continue to shape our unique response to financial distress.

This guide provides step-by step instructions for completing a Chapter 7 bankruptcy . Also included is a discussion of Chapter 13 in order to assist the reader in deciding which procedure is the more appropriate.

"It's no secret that the U.S. national debt is in the tens of trillions. But did you know that America also has future unfunded obligations of over $118 trillion? Unfortunately, America's politicians have no plan to solve our mounting fiscal and monetary crisis. But you don't have to watch this unfold in fear of your financial future. The time for debate is over... It's time to prepare! In this revised and expanded release of Bankruptcy of Our Nation, Jerry Robinson offers you the ultimate financial survival guide. Robinson, an Austrian economist, columnist, and radio host, is featured weekly on Worldnetdaily.com, quoted by USA Today, has appeared on Fox News, and has written columns for Townhall and FinancialSense. Allow him to guide you with details of the 21 income streams you can create now and in retirement Specific ways to inflation-proof your investment portfolio using the P.A.C.E. (Precious Metals, Agriculture, Commodities, and Energy) Method How to create a diversified six-month liquid savings reserve that uses stable foreign currencies and precious metals. And the 5 Levels of Financial Freedom that Jerry has personally used to build true wealth and create complete financial security. You can survive this economic crisis, but you can't wait. It’s time to take action. Let this book show you how to become a better investor and create multiple streams of income."

A comprehensive look at the enormous growth and evolution of distressed debt, corporate bankruptcy, and credit risk default This Third Edition of the most authoritative finance book on the topic updates and expands its discussion of corporate distress and bankruptcy, as well as the related markets dealing with high-yield and distressed debt, and offers state-of-the-art analysis and research on the costs of bankruptcy, credit default prediction, the post-emergence period performance of bankrupt firms, and more.

A comprehensive look at the enormous growth and evolution of distressed debt markets, corporate bankruptcy, and credit risk models This Fourth Edition of the most authoritative finance book on the topic updates and expands its discussion of financial distress and bankruptcy, as well as the related topics dealing with leveraged finance, high-yield, and distressed debt markets. It offers state-of-the-art analysis and research on U.S. and international restructurings, applications of distress prediction models in financial and managerial markets, bankruptcy costs, restructuring outcomes, and more.