Many Americans Believe They Will Be Filing Bankruptcy in the Next Few Years

Many Americans Believe They Will Be Filing Bankruptcy in the Next Few Years "This week, a Gallup poll revealed that 65 percent of Americans believe 2013 will be a difficult year economically. On the other hand, only 33% believed 2013 would be a prosperous year for the economy. This query has been asked for many years as the New Year approaches. Since the early 1980s, the proportion of Americans who anticipate economic difficulties in the immediate future has not been this high. This reveals a more dire economic outlook for the United States than the media has been depicting. Recent research indicates that the typical American is only three weeks away from declaring bankruptcy. This is because debt ratios are so high and the majority of the middle class lives paycheck to paycheck, plundering Peter to pay Paul. Americans believed the worst was over after the 2007 real estate bubble fell. The consumer has endured years of suffering as a result of the government's poor decisions. Instead of bailing out all the institutions, they should have allowed them to declare bankruptcy, as would any average American. Instead, they placed the burden on American taxpayers and saddled them with trillions of dollars in debt.As the economy continues its downward trajectory, the mainstream media continues to sugarcoat the situation. Recent reports indicate that over 5 million residences in the United States are on the verge of foreclosure. The report categorized the statistics as more than sixty days behind on mortgage payments, in default, and foreclosed. While the media has reported an increase in home sales, new housing starts, and a shortage of properties on the market, it is evident that banks have not been aggressively pursuing these foreclosures. When this begins, we will once again observe a decline in the housing market.There were additional questions posed by Gallup in the survey, and the results are provided below. First, 68% of Americans believe that the crime rate will increase in 2013. In addition, 57% of Americans believe 2013 will be a year of declining American influence abroad. And finally, 82% of Americans believe that taxes will increase in the United States in 2013. According to these polls, I do not think anyone believes the media when it attempts to convince the public that things are improving. Government employees are the only ones receiving salaries and excellent benefits at present. They are the only sector of the economy that is not scaling back.While politicians and the media continue to stand on their soapboxes and proclaim that economic recovery is imminent, the majority of Americans know the truth. People must rise up and take charge of their destinies, rather than incurring more debt in order to defer responsibility. The writing is on the wall, and regardless of what others say, individuals must be truthful with themselves and contemplate filing for bankruptcy if necessary. The Fed can print its way out of debt, at least for the time being. The only hope for the average American is to file for bankruptcy and use the power of the US court system to halt the insanity. The majority of people's debt is unsecured and can be discharged through Chapter 7 bankruptcy. Many individuals emerge from Chapter 7 devoid of credit card and personal loan debt. This is a fairly potent statement in the current economic climate. When debts become overwhelming, it is necessary to discuss bankruptcy with an attorney. The majority of the time, a bankruptcy attorney will evaluate the individual's financial situation and provide a free consultation.
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