Recently, Americans have received a wake-up call to a new debt crisis. The government is in debt to the tune of 107% of GDP. This is the highest it's been in the history of the United States. Not only is the government in debt, the average American household has $16,000 in credit card debt and about $35,000 in consumer debt, not including mortgages. It was recently reported that the American consumer has now accumulated a blistering 154% of debt to earnings ratio. People are waking up to the idea that life is too short to let debt own their souls. Most families require both adults to work in order to make ends meet.
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What happened to the days when mom stayed home with the kids and there was a solid family unit? Now it's all about the stuff and the only way to make it happen is with credit. Most people are living way beyond their means and need to file bankruptcy to clean the slate. Most Americans today are robbing Peter to pay Paul by borrowing more each month to make ends meet. At some point in time the wheels of this train will fall off and they will hear the screeching sound of the creditors constantly calling.
Creditors don't want debtors to know that they can file bankruptcy and wipe out all their debt. It's really not that bad living on cash for a few years until credit returns. In fact, it's kind of freeing knowing that the creditors no longer own you. After filing bankruptcy, your financial decisions are your own and not made based on having enough left over to pay somebody. When times get tough it's best to consult a bankruptcy attorney and see if filing Chapter 7 bankruptcy has anything to offer for that particular situation.
There are other ways to get out of debt, but nothing wields the power of bankruptcy. Filing bankruptcy has the power of the automatic stay that stops all collection activity against the debtor immediately upon filing of the bankruptcy petition. The automatic stay stops all legal activity including foreclosure, lawsuits, judgments and wage garnishments. The family can retake control of their financial future by using the power of a bankruptcy filing. The process of filing Chapter 7 bankruptcy usually only lasts about 4 to 6 months. Considering how long it would take to pay all that debt off is a considerable short amount of time. Once interest rates start rising, banks will start cutting back on available credit of their clients and ask to be paid. It's much better to be ahead of the curve when you see the writing on the wall.
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