THERE are always stories of people and companies going bankrupt but it doesn't seem as terrible as it used to.

When I was young, friends of my parents "went bankrupt." One friend was an officer at a bank that went belly-up; he lost all his worldly possessions. They had no mercy. Court officers took his house, his car and any money he had in his bank account.

Donald Trump's companies filed for Chapter 11 bankruptcy a few years ago but, in rather short order, he was being called "one of the richest men in the world" again.

I don't understand bankruptcy. If it just means that you don't have to pay what you owe, that sounds pretty good to me.

Andy Rooney is a syndicated columnist.

Pub Date: 5/12/99