Word: lawness
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...many law scholars are not surprised by Americans' mad rush to bankruptcy court. Adjusted for inflation, personal borrowing in the U.S. is 10 times greater than in 1960, according to the Federal Reserve. "Now, consumer credit has dried up," says law professor Robert Lawless, an expert on bankruptcy among sole proprietors and small entrepreneurs at the University of Illinois. "That is why people are ending up in bankruptcy court...
Katherine M. Porter, a bankruptcy expert at the University of Iowa and the University of California, Berkeley's Boalt Hall Law School, says people typically "seriously struggle" with their debt for two years before turning to bankruptcy...
Under current bankruptcy law, Porter says, bankruptcy courts have "no tools to reduce the principal, stretch out the payments or adjust the interest rate" - that is, since judges can't adjust mortgages to make them easier to pay, people end up ditching them instead...
With his first major piece of education legislation out of the way, Obama will likely move on to K-12 matters later this year as he attempts to rework the unpopular No Child Left Behind law. But before then, members of Congress (and America's students) are going on spring break...
...about $540 per year. The government subsidizes the remaining cost per student, which can be as high as $16,160 per year. An increase in the number of students can also mask the growing unemployment problem in France, according to François Ameli, a professor of international law at Université Paris 1 Panthéon-Sorbonne. "The philosophy of France [on higher education] is a mass sort of thing. We have over 2.2 million students, which is a lot for a country of 60 million," Ameli says. "Universities are also a reservoir before unemployment, so [the government...