You can't turn on the TV or even your computer these days without hearing about someone filing bankruptcy. In California many cities are starting to fall to bankruptcy because of their overspending in the past. For most of them, they were spending based on a false economy caused by the real estate boom. It seemed like there was no end in sight as banks were lending 125% of the value of a piece of property. With everyone jumping on the bandwagon cities found themselves giving unsustainable raises and pensions to their employees. When the financial crisis hit in 2008 no one thought that this would be that bad. I remember talking to realtors who told me that this was a bump in the road and the market would come back quickly. Not to sound like a doomsday preacher I would argue the point that the prices never should've gotten as high as they did. After everything started collapsing, everyone started pointing fingers at each other over who's to blame. The bottom line is, these homeowners and consumers have to be accountable for their actions. In what world does a person making $35,000 a year live in a $500,000 home? It's now become time for everyone to pay the piper and that's why the number of those using bankruptcy filing as a way out of debt will continue to rise.
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Hopefully, most Americans will learn from their mistakes and budget themselves to avoid this from ever happening again. A bankruptcy filing will be an emotional and stressful experience for anyone to go through. This even includes the politicians that made bad decisions putting their cities in financial limbo. For the individual, filing bankruptcy can be a freeing process that allows a person to start completely over. In the Bible it talks about a seven year release of debt and that's where bankruptcy came from. Originally, a person could file for Chapter 7 bankruptcy every seven years until the bankruptcy code was modified in 2005. The credit industry and many lobbied Congress to make extreme changes to the bankruptcy code because they believe that too many people were abusing the system. To this day the argument still is on.
When a person files Chapter 7 bankruptcy, many times they can walk away from the process being virtually debt-free. In Chapter 7 bankruptcy it virtually wipes out all unsecured debts including, credit cards, medical bills and personal loans. As long as the person doesn't owe back child support, fines to the court or is trying to hang on to an automobile that is financed, after the bankruptcy discharge being debt free can be a byproduct of the process. To get the best benefits of a bankruptcy filing one should be proactive and consult a bankruptcy attorney before they get too deep in debt to become too broke to file for bankruptcy. For people that are unemployed, waiting until their unemployment insurance runs out is foolish. If they need to file, it's better to do it while they still have some sort of income coming in.
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