It’s not a secret that many Americans have too much debt. To make matters worse, they are living paycheck to paycheck and are not building up any savings for emergencies. Our economy is driven by consumer spending as two-thirds of GDP comes from Americans spending money on goods and services.

Companies urge us to buy, and for people who can’t afford to pay in cash, credit card companies will help them get their buying fix (for a fee). Billions of credit card solicitations are sent to American citizens each year, and surprisingly, the groups that receive the most solicitations are college students and people with bad credit. By digging a little deeper, you can understand why. College students are the consumers of the future and people with bad credit are willing to take on credit with high interest rates. High interest rates = large profits for credit card companies.

Easily obtainable credit makes it easy for people to live beyond their means and equally as hard to resist the temptations of buying more stuff! The American people have been programmed since a young age to believe that more is better. The more you own, the happier and more fulfilled you will be, right? The government and corporate America have planted this message in our minds, either directly or implicitly, because the American economy depends on our spending.

So, what happens when all these purchases are made with credit and the debts start piling up? And due to unfortunate circumstance, it is difficult to continue paying these debts? Filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy is a legitimate option. In this age of billion-dollar bailouts for irresponsible banks, you shouldn’t feel guilty about your financial situation or considering bankruptcy. No one is perfect, and having too much debt is a trait shared by millions of Americans.

Bankruptcy is one of the most misunderstood aspects of the legal system. It should not be thought of as shameful; instead, it is a life saver for those struggling financially and with too much debt. It is based on forgiveness rather than punishment. It helps keep families intact, frees up income and resources for life’s necessities, and certainly prevents people from becoming impoverished or even homeless. If you suddenly find yourself out of work, hit with unexpected medical expenses, or simply swimming in too much debt that you are unable to pay back, Chapter 7 bankruptcy and Chapter 13 bankruptcy provides a chance for a fresh start and a renewed outlook on life.

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Chapter 7, 11, and 13 Bankruptcies


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