WordPress has great international readership and I am sure folks outside the US can relate to our challenges…

Here is what I am talking about:

San Bernardino, CA – a city of over 200,000 with a billion dollars in assets, just filed for bankruptcy because they can’t pay their bills or their city employees. They have over 20,000 creditors.

How about commercial foreclosures? General Motors Building in New York City ($2.9 billion), Treasure Island Hotel Casino in Las Vegas ($775 million), Maui Prince Resort in Maui ($192.5 million).

Donald Trump and the assets that bear his name have filed for bankruptcy protection four times.


Big money commercial bankruptcy and foreclosure seem pretty commonplace in this recession – a recession we have been enduring since 2006. Or is it a depression? I just do not know…

It is interesting how there is very little stigma for large corporations who trim the fat with US laws and corporate loopholes like bankruptcy and foreclosure, but it is a death sentence (especially credit wise) for single families  like you and I. Now, I have seen it first hand with family and friends; enduring a personal bankruptcy or foreclosure is one of the most stressful and arduous events in life.

Donald Trump said this on ABC News recently:

I’ve used the laws of this country to pare debt. … We’ll have the company. We’ll throw it into a chapter. We’ll negotiate with the banks. We’ll make a fantastic deal. You know, it’s like on ‘The Apprentice.’ It’s not personal. It’s just business,”

Wow, I wonder if that explanation will work at a bankruptcy hearing for a family who is struggling to save their undervalued home and keep food on the table. There is nothing more PERSONAL than the guilt of losing your job, your home and your dignity while big money corporations out source domestic jobs, slash pensions and claim bankruptcy and foreclosure with little stigma and few long-term penalties.

Not a fair comparison? You know what, these big money corporations have to sign similar deeds and documentation before they borrow money yet they do not seem to be held to the same MORAL or SOCIAL obligations like a family of four. In my home town, if you do not pay the electric bill, your power gets turned off. Why are corporations not held to the same social and moral standards of a working family in Chicago? Detroit? Cleveland?

My point is this – if you have gone through a foreclosure or bankruptcy or if you are on the verge of heading in that direction (and I think there are a lot of you out there) don’t let guilt eat you up. It just is not worth it.  Stand tall, be proud and steadfast; things will get better. Remember it was not you that pushed the housing market into a mortgage Armageddon. You are not to blame for the damage caused by greedy big money corporations. Trump says it is not personal, it is just business. Listen to Trump (LOL).

Well then, get up, brush yourself off and move on. Easier said than done right?

John C. Bader