Using Bankruptcy to Lift the Weight of the World Off Your Shoulders
"As the economy continues to stagnate, a growing number of Americans are struggling to make ends meet. As Americans, we were reared with the social value of repaying our debts to those to whom we owe them. This is the reason why many honest, hardworking people avoid bankruptcy at all costs, ultimately shooting themselves in the foot. Over time, bankruptcy has acquired a stigma that nobody desires hanging over their head. In our culture, having an exceptional credit score has always been a priority. To obtain this credit rating, one must borrow a substantial amount of money and repay it without delay. Due to this, many Americans engage in a hamster cycle in order to attain the ultimate prize of excellent credit. The credit industry has mislabeled bankruptcy over the years by assuring everyone that their credit will be ruined and they will never be able to obtain credit again if they declare bankruptcy. This is nothing more than a falsehood, and our capitalist society and the success of the United States would not exist without bankruptcy. Inventors and business owners would not bring their products to market if bankruptcy were not an option. If individuals were eternally liable for their actions, they would not be worth the risk of bringing a product to market. If bankruptcy were unavailable, there would be no automobiles, aircraft, or mobile phones.Even though a bankruptcy filing can negatively affect your credit report for up to ten years, credit is typically available shortly after the bankruptcy discharge. This obviously depends on the individual's ability to earn a steady income and avoid returning to the bad behaviors that led to their bankruptcy filing. Creditors are opportunists, and they are aware that many individuals who file for bankruptcy are debt-free or near to it. They are also aware that the majority of people are in this situation due to circumstances beyond their control. In light of all the evidence, they appear to be a reasonable risk moving forward.Many Americans are currently carrying the weight of the globe on their shoulders and attempting to avoid bankruptcy by any means possible. A recent study revealed that the ratio of middle-class Americans' income to their debt was 154%. This has tripled within the past decade. The majority of Americans are three paychecks away from declaring bankruptcy, according to another survey. Upon examining all the statistics, I concluded that the number of individuals declaring bankruptcy has decreased over the past two years not because the economy has improved, but because they are now able to borrow more money. People currently evade filing taxes by robbing Peter to pay Paul. It is time to wake up and smell the coffee and realize that the economy will not improve in the near future. Filing for bankruptcy will alleviate this enormous burden that middle-class Americans are enduring. It is not a healthy way to live to question every month if you will have enough money to make ends meet. Family disintegration and irreversible health problems will result from the burden of financial difficulties. People in financial difficulty should not allow creditors to dictate the future of their families. The most common post-bankruptcy regret among individuals is that they did not file sooner. It is time for all Americans to liberate themselves from debt and return to the path to financial independence.
" - https://www.affordablecebu.com/
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"Using Bankruptcy to Lift the Weight of the World Off Your Shoulders"
was written by Mary
under the Finance / Wealth
category. It has been read 125
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comments. The article was created on 31 May 2023
and updated on 31 May 2023