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Hard times nurture get rich quick schemes

By Cathy Moran

In the 15 mile drive to bankruptcy court yesterday, the radio had two doom and gloom stories about the housing market and the dive on Wall Street, interspersed with no less than three, back to back, buy-my-book-and-get-rich pitches. I think the juxtaposition is not random.

When people are out of work or underemployed, they are open to ideas to “eliminate their debt in months” or make a bundle trading stocks. These appear to be avenues of escape for those in financial distress. We saw it the last down turn: everyone around me in Silicon Valley became a day trader of stocks or a realtor. After all, who could lose money dealing in California real estate?
As always, the only people likely to prosper as a result of these products are the sellers, not the buyers.

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About Cathy Moran

I'm a veteran bankruptcy lawyer and consumer advocate in California's Silicon Valley. I write, teach, and speak in the hopes of expanding understanding of how bankruptcy can make life better in a family's future.

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About The Soapbox

You've arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said "try").

Here, I allow myself to tell stories and express strong opinions on how I think law should work for the consumer and small businesses when it comes to debt.

Moran Law Group
Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

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