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The Generation of Entitlement Contributes to a Rise in Bankruptcy Filings

The Generation of Entitlement Contributes to a Rise in Bankruptcy Filings
"""After the federal government's recent announcement that the number of individuals filing for bankruptcy has risen to over 1.6 million, many people are searching for explanations. When you speak with a bankruptcy attorney, he or she will tell you that they have heard every possible justification for why a person needs to file for bankruptcy. Usually, it's always someone else's responsibility, such as how that evil mortgage broker got me into one of these unaffordable loans. If you earn $50,000 per year, it is only logical that you cannot afford a half-million dollar residence. Several years ago, because credit was readily available, many young adults overextended themselves. They purchased the large home, two new vehicles, and a boat as well. What they did not anticipate was that they would eventually have to pay for all this merchandise. This does not even include the decline in the labor market, which has left many families unemployed. The time to pay the bill has now arrived.

Numerous bankruptcy attorneys are encountering a new generation that believes the world owes them a livelihood. Many parents today find it difficult to say no to their offspring for even a single day. Modern parents rush to the crib to take up a crying infant without considering that they may be spoiling the child. Nowadays, parents provide their children with everything they request, including gifts, treats, clothing, and footwear. This generation has never heard the word ""no"" in its lifetime. Unknowingly, parents are preparing their children for future bankruptcy and financial failure. In today's culture, the word ""no"" implies an invitation to negotiate; it no longer simply means ""no."" As toddlers get older it gets harder and harder as the price of items get larger and larger. This type of parenting prevents children from understanding the value and difficulty of earning a dollar.

Immediately after graduation, many young adults are employed for a job of their choosing. These youthful consumers now have immediate access to credit, which, if not contained, can quickly spread like a wildfire. During the past decade, a significant number of young adults believed they could not lose in the real estate market. When the housing market collapsed in 2007, many new purchasers believed, ""If I don't buy a home now, I'll never be able to afford one.""

And when the query arose, what happens if you cannot afford the adjusted payment? This stock response was, ""I will sell it and use the proceeds to purchase something smaller."" What these individuals did not anticipate was the value of their residences falling below their mortgages. In an effort to maintain order, the group charged their credit cards, plundering Peter to pay Paul. And the inevitable conclusion is that many of these individuals filed for bankruptcy and were foreclosed upon. Everyone desires their children to have everything they lacked as children, but are we actually helping them?

If you or a member of your family is close to default and bankruptcy appears to be your only option, consult a bankruptcy attorney as soon as possible to determine which chapter will best serve your family's needs.

" - https://www.affordablecebu.com/
 

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"The Generation of Entitlement Contributes to a Rise in Bankruptcy Filings" was written by Mary under the Finance / Wealth category. It has been read 136 times and generated 0 comments. The article was created on and updated on 01 June 2023.
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