Is Filing Bankruptcy Like Trick-Or-Treating?
"As autumn draws to a close, many people commemorate traditions such as Halloween. When malls are flooded with Halloween costumes, we know that Christmas is approaching. It has become almost a precursor to the holiday season. After Halloween, we gather with our families for Thanksgiving, enjoy a large meal, and make preparations for Christmas. The day following Thanksgiving is referred to as Black Friday. I can see why it's called this, as this is the time of year when the majority of Americans begin to accumulate so much debt that they are forced to file for bankruptcy. Most individuals in financial distress ponder if declaring bankruptcy is comparable to trick-or-treating. They ponder what they must do to receive the bankruptcy discharge's benefits. For some, bankruptcy is a simple topic to dismiss, but for many Americans, it is a matter of survival. The majority of Americans spend the following year paying off their holiday purchases. Those individuals are fortunate enough to earn enough to cover their expenses. Since the economic crisis, the average income in the United States has continued to decline, while household debt has increased significantly. This cocktail for catastrophe is currently being stirred.When confronted with unmanageable debts, individuals must face the facts and not allow their egos to interfere. Chapter 7 bankruptcy is the quickest method to eliminate a substantial amount of unsecured debt caused by excessive holiday spending. Corporate America has begun advertising as early as August in an effort to capture a portion of the holiday season's revenue. When Americans are constantly enticed to spend money on gifts and festivities, they turn to their creditors to finance these purchases. This season will be no different, as American debt has continued to rise year after year. The average American currently owes approximately $16,000 in credit card debt. Considering the amount of money people make since the start of the recession, many Americans are at risk of declaring bankruptcy as their only option for resolving their financial difficulties.To maximize the benefits of filing bankruptcy, a person should consult with a bankruptcy attorney to determine what strategies are necessary to obtain the greatest rewards. It does not harm to seek a free consultation if you are experiencing financial difficulty. Many people are encouraged when they are turned away and discover that their situation is not as dire as they initially believed. It takes significantly longer to get out of strife than it does to get into it.
" - https://www.affordablecebu.com/
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"Is Filing Bankruptcy Like Trick-Or-Treating?"
was written by Mary
under the Finance / Wealth
category. It has been read 80
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comments. The article was created on 31 May 2023
and updated on 31 May 2023