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Out-Of-Control Creditors, Foreclosure on The Horizon? File Bankruptcy

Out-Of-Control Creditors, Foreclosure on The Horizon? File Bankruptcy
"Too many Americans have clung to hope for too long while attempting to avoid filing for bankruptcy. Recently, we re-elected the same president who lacked financial expertise and a plan to turn around the economy. Too many good, hard-working unemployed Americans have been kicking the can down the road for too long, and many hoped that a change in the White House would jolt the economy and improve matters. The unfortunate news is that everyone is aware that did not occur. Now, instead of sugarcoating this economy, people need a dose of reality and must take care of business before it's too late. In recent years, the public has clung to the media's constant assurances that the situation is improving. This is only partially true; conditions are improving for the extremely affluent. It appears that the middle class will become extinct and extinct within the next few years. After this election, a number of companies announced massive reductions for 2013, and for those who believed a turnaround was imminent, they are in for a rude awakening.Some individuals have depleted their 401(k) or IRA to stay solvent, knowing that a job was just around the corner. It is good to be optimistic, but it is also good to be practical. You cannot go through life believing that everything is wonderful while donning rose-colored glasses. Successful Americans understand when to engage and when to withdraw. Large corporations and the extremely affluent have no problem declaring bankruptcy to eliminate tax or investment debt. Numerous corporations have filed for bankruptcy in recent years because they could no longer afford to honor lucrative employee contracts. When they declare bankruptcy, they will allow the bankruptcy judge to evaluate the situation and compel their unions to negotiate. When they do it, it's good business, but when consumers do it, it's a catastrophe. It's humorous that it's the same thing, but the credit industry does an excellent job convincing consumers it's different.For someone who is buried under a mountain of debt, whose home is on the precipice of foreclosure, and who is still holding out hope that things will improve, it would be foolish not to file for bankruptcy and accept reality. At some point, it becomes foolhardy to continue kicking the can down the road and spending everything one has to pay creditors who will inevitably be discharged in bankruptcy. In most cases, individuals will regret spending the money that would be lost in a bankruptcy filing. Government officials continue to insist that we must borrow and spend our way out of debt. This is the craziest thing I've ever heard, and the country appears to be bound for bankruptcy as well. When a person decides to file for bankruptcy, their only regret is that they did not do so sooner. The penny drops, and they realize how much money they wasted attempting to avoid bankruptcy.
" - https://www.affordablecebu.com/
 

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"Out-Of-Control Creditors, Foreclosure on The Horizon? File Bankruptcy" was written by Mary under the Finance / Wealth category. It has been read 108 times and generated 0 comments. The article was created on and updated on 31 May 2023.
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