Don't Listen to the Fake Economic News When You Should Be Filing Bankruptcy

Don't Listen to the Fake Economic News When You Should Be Filing Bankruptcy "People who are not paying heed should look around and observe the millions of Americans who are currently unemployed. This problem is sweeping the nation, leaving many Americans with no alternative but to declare bankruptcy. The unemployment rate is currently reported to be 6.5%, but it does not appear to be improving. Despite the fact that it is an election year, a large number of companies have announced imminent reductions. This indicates that many more individuals will file for bankruptcy in the future. So my query is, where are all these jobs that they're referencing? The genuine unemployment rate can be determined by examining the employment-to-population ratio. This is the employment rate for all individuals between the ages of 16 and 63. In 2008, 63 percent of Americans between the ages of 16 and 63 were employed, while unemployment was close to 10 percent. With a current unemployment rate of 6.5%, it would be expected that approximately 70% of this group would be employed, but the actual figure is 57%. Doesn't it make you question who is telling the truth?Hopefully, people will remain optimistic and not become despondent due to the dismal job market outlook. It appears that the economy will receive another one-two blow, resulting in another decline in the real estate market. If this occurs, we can anticipate a significant increase in property foreclosures. People with financial difficulties must be proactive and declare insolvency before they lose everything.Recent statistics indicate that there has been a steady decline in the number of individuals declaring bankruptcy since 2010's zenith. Many are now wondering whether or not this is the calm before the tempest. No one knows the answer and can only speculate. Seeing the writing on the wall could help a person use bankruptcy exemption laws to secure their property. It is folly to wait until everything has been consumed. Individuals should consult with a bankruptcy attorney to determine if bankruptcy is a viable option for their financial situation. There is one thing we know for certain: the economy will not improve in the near future. Realizing this will help a person make prudent decisions to safeguard their family's financial status.Although nobody wants to declare bankruptcy, sometimes circumstances beyond one's control force the issue, and the current economic climate is undoubtedly one of those circumstances. According to the media, the United States has not yet recovered from the economic recession, which has affected a large number of Americans. In regards to financial matters, the majority of individuals attempt to be optimistic and expect that things will improve before they are forced to declare bankruptcy. It is best to minimize our losses and move on before it's too late when things do not go as planned.Timing is crucial for declaring bankruptcy successfully. This is one reason to engage a bankruptcy attorney when filing for bankruptcy becomes necessary. A bankruptcy attorney will know when to draw the trigger and when to refrain from doing so. Since 2005, when the bankruptcy code was modified, a person must now qualify to petition for Chapter 7 bankruptcy. Now, a means test must be passed to qualify for filing. In the means test, the average household income is calculated by dividing the last six months of household income by six and multiplying the result by 12. The average household income will be compared to the state's median income where the bankruptcy is being filed. A person with excessive income will be required to file Chapter 13 bankruptcy. Oftentimes, the commission-based income of individuals who do not receive a salary will be allocated to a specific period of the year. For these individuals, the bankruptcy attorney can delay filing for a few months in order to reduce their average household income, thereby qualifying them to file Chapter 7. Evidently, the typical Joe may have difficulty filing taxes on their own in the present day. In these trying times, it is best to leave it to the experts so that you can have peace of mind.
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