During the past few years, most Americans have heard all the rescue that banks are getting. Even going further than that the federal government came up with a stimulus package that would supposedly stimulate the economy, but it was all give money to large corporations for their pet projects without creating any jobs at all. Right now, in 2011, the United States still has an employment rate of 9.2% of the country. It does not look like the economic stimulus did nothing for the citizens of the United States. Most Americans are buried under the mountain of credit card debt, waiting for a job, so you do not have to file for bankruptcy. In most cases, if these individuals have to wait too long, filing for bankruptcy will not help.
When it comes to debt, the statistics speak for themselves, the average American household $ 20,000 in credit card debt. That's a lot of money when you consider that $ 20,000 was also six months salary of the average American household. Most people do not realize that they will probably never be able to pay down debt. With interest rates up to about 21 to 26% for credit cards, people in this situation usually barely the minimum payment. This is why filing bankruptcy may be the only economic incentives that these people will ever get. The federal government does not say much, but when it comes down to it you do not pay their bills.
This is just common sense to look at your finances and see if you win the lottery you'll never be able to pay off. All you have to do is write down all your bills to create a budget and figure if ever charged on credit card never how long it will take you to pay them. If more than six years, the odds are against you. When you are facing such a situation it is time to go talk to a bankruptcy lawyer if bankruptcy can help your current situation.
There are two main chapters of bankruptcy for individuals. These are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy is the most common and the king for an individual or family that has a large amount of unsecured debt such as credit cards, medical bills and payday loans. Filing Chapter 7 bankruptcy will wipe out all those debts if the debtor has no secured debt there is a possibility that will emerge from bankruptcy is debt free. That sounds like a pretty good incentive package if you ask me. On the other side of the fence, Chapter 13 bankruptcy is best for people who are trying to protect their property from being lost in foreclosure. In Chapter 13, the debtor has its own bankruptcy attorney draw up a repayment plan that will last 3-5 godina.Poglavlje 13 payment plan based on the amount that the borrower can afford the secured debts are paid and all other paid if something is left preko.Poglavlje 13 bankruptcy allows the debtor to his property, and getting caught up on back payments.
nice thing about is a bankruptcy attorney file a petition with the court, the creditors can not bother the debtor to collect the amount owed. People who are struggling paycheck to paycheck and in many cases unemployment check unemployment check to get, I do not need extra pressure nasty creditors humiliating them. Do not wait for economic stimulus from the government to save you, bankruptcy may be the only incentive you will ever get.