Recently, it has been reported that Americans have an average of $16,000 in credit card debt. Although $16,000 doesn't sound like a lot of money, this figure was only $4,000 in 2008, and you still need to consider the income of the same average American. Four years ago, the average annual cost of $40,000 has now fallen to $35,000 a year. When you see the amount of debt, increase interest and living expenses, you will encounter a financial disaster. Most of these people are only paying the minimum amount because they are charging bankruptcy fees. According to reports, as of the end of January 2014, consumer debt has exceeded 11.36 trillion US dollars. In addition, the national student loan debt is now as high as $1.049 trillion. The media keeps reporting that things are getting better, but when you see debt ratios and incomes fall, I see a different situation. The US government is no different from consumers, and the debt ceiling is constantly being raised, so you want to know why they even have a ceiling. The federal government now owes more than $17 trillion, and actually can't even pay interest, but it can be paid by printing money. The biggest buyer of US debt is now the Fed. It's very cool to borrow real money and be able to print fake dollars to repay the money they borrowed. If you ask me, it is totally crazy. If the US government goes bankrupt and gets out of their debts, they might do so. On the contrary, they hang their debts on the heads of American taxpayers, so that the grandchildren of our grandchildren have to bear the excessive expenses.
Smart money will see the overall situation, and if necessary, apply for bankruptcy like all companies to reduce losses. People buried under a lot of debt should consider talking to bankruptcy lawyers to see if their situation is likely to submit an application. In most cases, bankruptcy lawyers will provide some viable solution. When one should look for whether they should consider filing for bankruptcy, it is to add up all their debts and calculate how long it will take to pay off the debt if they stop charging today. If it takes more than five years, they should seriously file for bankruptcy. Although this sounds simple, creditors want consumers to believe that it is much more complicated than this. They spent billions of dollars getting their opinions on Madison Avenue, changing the whole dynamics of American consumers. If they go bankrupt, they want Americans to feel frustrated with themselves. Using the media, they made American consumers feel completely defeated in the face of economic difficulties. What they didn't tell you is that American companies are going bankrupt as a way to make their finances stronger. In today's market, it is very common for companies to file for bankruptcy to eliminate their bad employment contracts with unions. If the union does not negotiate, they will first threaten them in a bankruptcy manner and, if necessary, force the union to return to the negotiating table. In addition, when making many bad investments, they can use it to clean up books and start over. When they use bankruptcy, this is a smart career, but when you or I do, they are dishonest or fail. That's why we always need to remember who made the rules. When the market actually collapsed in 2008, many people never thought that they would face bankruptcy applications. This helps to eliminate the shame of its past. People need to do the best for their family, not worry about what the creditors say or consider.
Orignal From: When is the bankruptcy finance?
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