Bankruptcy Could Be the Path to Financial Recovery

Written by Channel 8 Cleveland on November 18, 2013. Posted in Chapter 13 bankruptcy rules, Detroit bankruptcy attorney, Filing chapter 13 bankruptcy

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Did you know that 56,000 bankruptcies were filed in the state of Michigan during 2011? Of course, Michigan wasn’t alone when it came to private citizens and businesses who found themselves filing chapter 13 bankruptcy or chapter 7 bankruptcy between 2008 and 2011. After all, the effects of the “Great Recession” were felt throughout every state, as well as almost every other nation in the world.

In the wake of the financial devastation caused by the recession, everybody seemed to have their own theories as to who was to blame. Depending on who you spoke with the culprits included politicians, greedy CEOs’ generous bonuses, the automobile industry, the housing industry, Wall Street, and the banks. Even though each of the above played a role in the financial crisis, we only have ourselves to blame.

Think about it. If every consumer could eliminate the use of credit cards, live within their means, and avoid running up unnecessary debt, few people would probably ever find it necessary to pay the cost of filing bankruptcy. Unfortunately, we live in a society that is driven by consumers, and is dictated by supply and demand. One of the biggest flaws of capitalism is that fact that mass frugality can lead to an unhealthy economy. At the same time, too many people taking out large home loans that they can’t pay back will have a similar, if more severe, negative economic impact.

Regardless of the reason that drives individuals to bankruptcy lawyers, bankruptcy may not be the worst thing to happen to them. While most people will shudder at the thought of spending years repairing their credit and being unable to secure a home loan, if they’re considering bankruptcy, their credit ratings probably can’t get much worse. Furthermore, instead of suffering under the burden of creditor harassment, paying the cost of filing bankruptcy can set debtors on the path to financial freedom.

It would be a fantastic world if everyone could live free from debt, but money and debt is a fact of life. After all, if you ever intend to own a home, you better be ready to take on some enormous debt. While the world isn’t perfect, it’s good to know that there’s a path back to financial stability for those who may be drowning in debt at this very moment. For more information, read this website:

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