This New Year's Many People Consider Filing Bankruptcy For Different Reasons
"As more data for the past year becomes available, it is evident that the economy is not improving. The Christmas sales figures are dismal and have not recovered since the 2006 surge. The government continues to spend money recklessly, as their printing presses are the only thing keeping the US economic system afloat. Over fifty million families now receive food stamps in the United States, but no one really knows because they are spent with electronic debit cards. The cost is borne by taxpayers, while banks receive a fee for issuing the cards. It appears that nothing has been resolved since the economic catastrophe of 2007. It would have been preferable to allow all these financial institutions in the United States to fail and allow the country to recover on its own. Let's face it, millions of Americans should be filing for bankruptcy, but the government's Band-Aid is delaying the inevitable. Getting banks to extend more credit does not help someone get out of debt, but rather brings them closer to the proverbial filing for bankruptcy.Each year, more than one million individuals contemplate declaring bankruptcy, and this year is no exception. Therefore, if you are contemplating bankruptcy this New Year's, you are not alone; millions of people are in the same position. Surprisingly, it appears that space on the boat is becoming limited. Before the government changes the law and removes it, individuals in debt should register for bankruptcy and begin again. When contemplating bankruptcy, Chapter 7 Bankruptcy is typically what most individuals have in mind. In a Chapter 7 bankruptcy, also known as a liquidation bankruptcy, the individual's unsecured debts are discharged. Typically, unsecured debts consist of credit cards, medical expenses, personal and payday loans, as well as any secured debts that the individual desires to have discharged through bankruptcy. In today's economy, exemption laws defend a substantial amount of the debtor's personal property, preventing the loss of any property. Bankruptcy was not intended as a form of punishment, but rather as a means to provide honest, hard-working Americans relief from the burden of enormous debt and the opportunity to start over financially. If they desired to punish you, they would reinstate debtors' prisons.It is understandable that nobody wishes to file for bankruptcy, but unforeseen circumstances frequently lead to financial hardships and the subsequent decision to file for bankruptcy. In today's unstable economy, many struggling individuals and families have found bankruptcy to be a godsend. Loss of employment, unemployment, and company downsizing are now commonplace and have caused severe hardship for many individuals. Death or disability of the family provider can result in a difficult-to-recover-from financial crisis. Numerous people, with or without medical insurance, have been thrown into a financial turmoil by an unforeseen medical illness resulting in astronomical medical expenses. This year, as a result of the implementation of government health care, many individuals who are scarcely getting by will be required to pay for medical insurance that they otherwise could not afford. Those with insurance are experiencing premium increases of up to twofold. When a family is scarcely making ends meet, this may be the one additional expense that puts them over the edge. Divorce has also wrought havoc on the finances of many families. If it were not possible to file for bankruptcy and obtain a fresh start, any of these situations could potentially be financially ruinous.
" - https://www.affordablecebu.com/
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"This New Year's Many People Consider Filing Bankruptcy For Different Reasons"
was written by Mary
under the Finance / Wealth
category. It has been read 104
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comments. The article was created on 31 May 2023
and updated on 31 May 2023