This adapted excerpt is from “Fifteen Cents on the Dollar: How Americans Made the Black-White Wealth Gap” by Louise Story and Ebony Reed. Please see endnotes related to this excerpt in the book. More information can be found on the book’s website and the book can be purchased here.
In March 2011, a sheriff showed up at Michael Renders childhood home in Collier Heights the home where his grandmother had served him biscuits, history, and Black Power. The summons was for a claim that Michael wasnt paying all the child support for his two children.
A few months after the summons, Michael filed for bankruptcy. He had $2,550 in assets and $78,008 in debt. In addition to the child support issue, he owed tens of thousands of dollars in income …
Read the full article at: https://www.yahoo.com/news/why-black-americans-are-less-likely-to-end-up-with-debt-relief-130034815.html