As the nation's economy continues to limp along, many families are truly struggling to make ends meet. National unemployment numbers show a slight decrease, but is this really accurate? So many people remain unemployed and for longer periods of time that a new phenomenon is occurring. People are either falling off of unemployment benefits because they are unable to find work and their benefits have expired or they are placed in a category called the "discouraged worker". A "discouraged worker" is someone who has been looking for work for an extended period of time, usually over a year, and they have become so discouraged with the lack of jobs available that they have given up looking for work. Whatever the case maybe this can obviously lead to a serious financial crisis. Many of these people are surviving on credit cards or personal loans, in essence robbing Peter to pay Paul. This coupled with rising inflation, sky rocketing fuel prices, and a sluggish housing market is leading many people into filing bankruptcy for relief.
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Some families that are managing to barely keep their heads above water are only one unexpected circumstance away from filing bankruptcy. A serious illness, financial loss, or major car repair can quickly throw their finances into a tailspin. Millions of Americans have little or no savings and are only three weeks away from filing bankruptcy if they experience a financial hit of some kind.
Then there are the individuals that just have a spending problem. Credit cards and easy credit are the culprit. As a matter of fact credit card debt is one of the biggest problems Americans face. We are a consumer driven society that wants instant gratification of "buy it now and pay for it later" mentality. Credit card spending can start out innocently in the beginning with a few purchases here and there. Pretty soon the individual is charging everything from electronics, to clothes, to movie tickets, hotels, meals out, and then everything in between. The problem then arises when the individual does not keep track of their spending and does not pay off the balance at the end of the month. Pretty soon the balance is so large that the individual is only able to pay the minimum payment if at all. They must take out another card to have available credit to live. If the individual losses their job or experiences a financial setback then they are in real trouble. A simple rule of thumb, which sometimes is easier said than done, is not to spend on something if you don't have the cash.
There is a light at the end of the tunnel in all of these situations. That light just happens to be filing bankruptcy. Bankruptcy was created to allow hard working and honest individuals a fresh financial start. If you are in a position where you are in debt with no foreseeable way out, then you should speak to a bankruptcy attorney to see if filing bankruptcy is right for you. Filing bankruptcy just might be the best solution to get you on the road to financial freedom.
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