It’s no surprise that bankruptcy filing rates are out of control and because of this fact, continues to rise also. Just watch the economic news every day and you’ll rarely see any glimmer of hope for our economy. Our government continues to try and prop up our failing economy by printing money. History shows that this has never worked and this is causing instability and fear in the markets. Recently, gold prices have shot to an all-time high and what people don’t understand is that gold is not going up in value, but the dollar is going down. The only job that seems to be doing very well is that of a bankruptcy attorney. Because of the large number of people filing for bankruptcy, there will be a continued need for the help of a bankruptcy attorney in the next few years to come.
Last month it was reported that there were over 20 million homes in the US that were in danger of default. This alone could cause a huge onslaught of individuals filing for bankruptcy to eliminate the liability from their pending foreclosure. Many people have their own ideas of how to fix the situation but no one really has a good answer. Last week, the president asked Congress to temporarily set aside banking regulations that prevents banks along with Fannie and Freddie from being landlords. If this is allowed the US government will become the world’s largest landlord. This will not fix our real estate problem but just cause a new one. If history is a benchmark, it would be best for the government to get out of the way and let the banks fail that have not been responsible with the taxpayer’s money. Constantly propping up these banks to keep them out of bankruptcy and trying to stop foreclosure on individuals that overextended themselves by buying homes they could not afford is crazy. It’s no wonder that the rest of the world is looking down on us.
Individuals facing bankruptcy should be proactive and get on with their lives. Trying to wait around in this economy for a job that may never come seems foolish. It’s best to face the music and consultant a bankruptcy attorney to see if filing bankruptcy would help their situation. Continuing to try and pay off debts with a small amount of money coming in may be counterproductive. Eliminating unsustainable debt by filing for bankruptcy will allow the debtor to put their focus on protecting whatever assets they have left and even possibly a career change.