This year alone there is an estimated 1.5 million Americans that will file for bankruptcy. This clearly shows the bleak state of the economy and the tremendous financial stress felt by many individuals and families. One major contributing factor for the current state of the economy and subsequently the number of those filing bankruptcy is the mortgage meltdown. During the real estate boom of the early to mid 2000's, housing prices skyrocketed and subprime loans were pushed by lenders. Anyone including their dog was able to get into a loan many times on stated income only. These types of loans usually had very low teaser rates to get buyers in then the mortgage adjusted over the next few years to unobtainable levels. Many people thought that if the mortgage adjusted too high in the future, they would just sell the home and still come out on top with a nice profit. Well we can see how that turned out. Fast forward to today and we now have millions of hard working people barely able to keep the roof over their heads, let alone pay their bills.
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Sure home ownership is the ultimate American dream, but people need to understand not to let emotions rule in their decision and do not overextend themselves for a home. These days many families rely on two incomes to pay the mortgage and other necessities. When one person losses their income their dream can end up being a nightmare. Unforeseen medical expenses, major illness, job loss, or divorce are all common issues that lead to financial disaster. Any of these problems can lead to foreclosure and a bankruptcy filing. To begin with, individuals considering home ownership should really sit down and take a serious look at their budget. Maybe look at purchasing a smaller more budget friendly home and make improvements and possibly add on square footage at a later date. If the home owner wants to fix up their home they should save for it by reducing costs in other areas instead of piling it on their charge cards all at once. After all, just because the neighbors have all fixed up their homes doesn't mean that you should if you can't afford it. Being prudent with your finances will help you to avoid a financial disaster and possibly a bankruptcy filing in the future.
Of course there are always those unexpected situations that arise that can cause financial problems for anyone. The best advice is to recognize the signs of financial difficulties that you are experiencing and then seek professional help. Don't bury your head in the sand and wait until the debt collectors are harassing you and threatening law suits, judgments, or foreclosure. There are many qualified and experienced mortgage companies, banks, credit counseling agencies, financial planners, debt consolidation companies, and bankruptcy attorneys, that can offer advice as well as solutions to your particular financial situation.
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