If Things Are Getting Better, Why Are So Many People Still Filing Bankruptcy?

If Things Are Getting Better, Why Are So Many People Still Filing Bankruptcy? "Recently, a major publication published an article discussing the decline in the number of Americans filing for bankruptcy in 2012 and its impact on the debt relief industry, including the bankruptcy attorney profession. The mainstream media continues to flood the economy with false statistics that only reveal a portion of the truth. To obtain an accurate depiction of the current state of our economy, we must include all economic factors, rather than removing and adding numbers arbitrarily to achieve the desired results. It has become standard practice over the years to manipulate the appearance of the economy for political purposes. As an illustration, they recently added housing to the inflation statistics, as it is common knowledge that the price of real estate has plummeted. This number was eliminated in the early 2000s, when housing prices doubled. If they had included the housing number in the early 2000s, we would have seen enormous inflationary numbers, which would have forced the Fed to raise interest rates and subsequently depressed the housing market. Now, this number is added because the price of everything has increased by 40 to 100 percent. In 2008, the average price of a gallon of petroleum was about $1.75, whereas it is now over $3 on a national scale. Including this number will reduce the averages of the reported inflationary figures.When the media reports a decline in the number of Americans filing for bankruptcy, even if it sounds like positive news in most circles, you can bet that the whole story is not being told. Regarding those who file for bankruptcy, it is difficult to manipulate this number. We must examine other economic factors to determine why the number of bankruptcies filed by Americans has decreased. Intriguingly, the debt-to-income ratios of the average American continue to rise while their income declines. Consumer debt has exceeded $2.75 trillion and continues to rise. In 2010, a record number of Americans with nowhere else to turn filed for bankruptcy in the United States. In addition, a record number of properties were lost to foreclosure that year. During this period, quantitative easing by the Fed accelerated and banks were flooded with new money. Consequently, banks recommenced lending to American consumers. Prior to that, even individuals with excellent credit had their available balances taken away. Those who were fortunate enough to continue making enough money to survive did not have to apply for bankruptcy when their credit ran out. Others were not so fortunate.Now that we have turned the page and entered 2013, the mainstream media would have us believe that the worst is over and that the future will be bright. To gain a true understanding of the situation, we must examine the factors that keep the economy functioning. Recent research conducted by Patrick Tyrell and William Beach contained many fascinating statistics. This report indicated that the federal government gives money to 41.3% of the United States population every month. In addition, 70% of all federal expenditure is allocated to programs that foster dependency. With the government's debt approaching $17 trillion, can they afford to support 128 million Americans each month? Current government-funded entitlement programs were the focus of the study. First, we will discuss food assistance. In the year 2000, only 17 million Americans received food assistance. Currently, 47,5 million individuals receive benefits. Medicaid was the next program that was examined. Obamacare is expected to add 16 million more Americans to the Medicaid rolls, bringing the total number of beneficiaries to a staggering 74 million. As a result, it has been determined that more than 53 million Americans are receiving Social Security benefits, and this figure is expected to skyrocket in the near future due to the large number of Americans reaching retirement age. Finally, an examination of Medicare revealed that there are presently 50,7 million Medicare beneficiaries. By 2025, this number is projected to increase to 73,2 million.If conditions are improving, why are so many people receiving government assistance? If you are a bankruptcy attorney, I believe you have nothing to fear about. From what I can tell, many Americans will continue to file for bankruptcy for a variety of reasons, including foreclosure, unemployment, and simply too much debt and insufficient funds. People must open their eyes and conduct independent investigation; do not believe what you hear on the news. In this day and age, becoming debt-free has begun to sound quite appealing.
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