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It Takes Tough People to Make Tough Choices Including Filing Bankruptcy

It Takes Tough People to Make Tough Choices Including Filing Bankruptcy
"Now that 2013 is in full swing, the majority of Americans have accepted the fact that the economy will not improve in the foreseeable future. Even though most believe that the unemployment rate is significantly higher, it is still close to 8%, which is a dismal statistic. Recent media coverage has emphasized that the economy is recuperating and everything is improving. That is, until last week's GDP report, which revealed a dismal decline of 0.1%. Companies are sending employment overseas, never to return. During the holiday season, many people hoped 2013 would be a better year and resolved to organize their lives with a traditional New Year's resolution. Filing for bankruptcy would have likely been one of the best New Year's resolutions for many people. In contrast, the majority of people want to lose weight and stop smoking, but almost nobody attempts budgeting to cut expenditure and reduce debt. The majority of Americans have reverted back to their old, comfortable lifestyle patterns in order to avoid having to make difficult decisions.As many people are beginning to realize, difficult times lie ahead for the United States, and it will take courageous individuals to make difficult decisions, such as declaring bankruptcy. For many, the decision to file for bankruptcy is a life-altering one. Many initially assume that if they declare bankruptcy, they will never be able to obtain credit again. This is nothing more than a rumor, as most people are aware that creditors want to get into everyone's pockets by any means necessary, and that a person who files for bankruptcy is close to being debt-free, if not completely debt-free. Bankers are opportunists, and they are aware that as long as these individuals are employed, they pose a significant risk because they cannot register again for eight years.Currently, the average American has more than $16,000 in credit card debt and earns approximately $35,000 annually. If you include a car payment, rent, food, clothing, and utilities, this person is on the verge of filing for bankruptcy, whether they realize it or not. It is naive to believe that this debt will be paid off without winning the lottery. The fool will continue to plunder Peter in order to pay Paul until they have nothing left. The courageous individual will make the difficult decision and recognize that filing Chapter 7 bankruptcy will resolve this issue; after a few years, they will be able to restore their credit and resume their lives debt-free. In today's credit-driven society, a person deciding whether or not to file for bankruptcy must consider what their existence would be like if they did not have credit. Here is where individuals must dig deep and cease believing the fallacy that credit is necessary for survival. In the past, it was a badge of honor for our elders to live a debt-free lifestyle, as they did not have credit cards.
" - https://www.affordablecebu.com/

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"It Takes Tough People to Make Tough Choices Including Filing Bankruptcy" was written by Mary under the Finance / Wealth category. It has been read 158 times and generated 1 comments. The article was created on and updated on 31 May 2023.
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