Nowadays, it's hard to know who to believe when it comes to economic issues. But after watching the news today, it was reported that the economy is getting better because gas prices are rising. They have also said that unemployment is continuing to decline. Growing up, I was taught to question with boldness and not to believe everything I was told. While the media keeps trying to sugarcoat our dire US economy, many people are filing bankruptcy as a way out of debt. It's interesting that the media is not reporting that the average American has close to $16,000 in credit card debt. They also fail to mention when they discuss the unemployment numbers that the average duration of unemployment is at an all-time record high. Looking at the facts, it seems that Americans lifestyles are diminishing and not getting better. An analyst, Howard Dayton said that 43% of all American families are spending more than they earn each year. According to statistics, they spend about 10% more than they earn each year going further in debt. As long as people have available credit on their credit cards, most of them won't even consider filing bankruptcy even though they should.
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One benefit Americans have over other countries is the ability to file for bankruptcy when debt becomes overwhelming. Congress created filing bankruptcy as a way to help good hard working Americans to have a second chance at a financial future. In many other countries, there used to be debtors prison, where the individual would be imprisoned until their family could pay off their debt or the individual could work it off. In the United States, filing Chapter 7 bankruptcy will wipe out all unsecured debt and make an individual virtually debt-free in less than six months. This is pretty amazing and is one of the reasons why the US has been so prosperous over the years. Without being able to file for bankruptcy, entrepreneurs would not take risks bringing their inventions to market. Without bankruptcy filing, capitalism would not survive. Just watch the news and you will see many large corporations use filing bankruptcy as a way to clear the books and renegotiate employment contracts and pensions. After filing bankruptcy, corporations exit, being leaner and more profitable.
Credit is like fire, properly used it can be very beneficial, but left to burn out of control it can be very destructive. Many Americans spending habits are out of control and because of credit they are heading straight for destruction. It's gotten so bad it's filtered all the way through society even down to college students. The average college student graduates from school having $25,000 in debt. They don't even have a job yet and they're already in financial trouble. The great news about this great country is the US is all about second chances and that's why filing bankruptcy is an integral part to make our society work. The bankruptcy filing process has gotten much more complicated since changes to the code back in 2005, so it's advisable to have help from a bankruptcy lawyer. The bankruptcy lawyer will be able to use the bankruptcy exemption laws to protect the maximum amount of property while wiping out the maximum amount of debt with the bankruptcy discharge. The whole chapter 7 bankruptcy process will take about 4 to 6 months to get the bankruptcy discharge, putting the debtor on the road to financial recovery.
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