Unfortunately, many individuals in our society measure success by how much they own. Money does not determine happiness or success, but you will need a certain amount of money to sustain your life. What if you are complete bankruptcy and facing a financial crisis? Filing bankruptcy may be your only option.
Bankruptcy laws have been designed to protect both creditor and debtor making bankruptcy a legal proceeding designed to allow the honest person or business to work their way out of a bad financial situation, or in some cases, to start fresh. Bankruptcy is a legal process used in America to help individuals alleviate a financial crisis.
As with all difficult life circumstances, bankruptcy can teach you a few things, including the following:
1. Bankruptcy is not the end of the world. Bankruptcy is a rational choice you can make to get out of a bad financial situation. Once you have completed a bankruptcy, life goes on. Many people who have filed bankruptcy have gone on to be very successful. Donald Trump has filed for bankruptcy four times in this life and today he runs a billion dollar empire.
2. Your credit can be fully restored after a bankruptcy. Contrary to popular belief, you can begin restoring your credit rating the moment you file for bankruptcy. It may take you some time but, you can completely restore your credit. Depending on the bankruptcy, the bankruptcy filing remains on your credit report for seven to ten years, but as your credit score rises, the effects of a bankruptcy on your record diminishes.
3. Bankruptcy can teach you how to live within your means. You can learn from your mistakes and live on a budge.
4. Your possessions do not make you successful. Owning a new car or owning your home does not mean you have “made it”. Mahatma Gandhi was a very successful person, and he renounced the ownership of material objects.
5. Hard work can make you successful. When it is all said and done, hard work is usually always rewarded. The experience of rebuilding will be hard work, but it can be done.
There is no easy way out of a bad financial situation. If you are considering bankruptcy, contact a bankruptcy lawyer.
If you need relief from the stress of debt and you live in or around the metropolitan areas of Seattle, Bellevue, or Everett, Washington, contact us at www.betterbankruptcy.com .We will help you find a bankruptcy attorney in your area who will answer your bankruptcy questions.
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Going through the bankruptcy process can teach a debtor some hard life lessons. Many debtors, who have experienced bankruptcy and taken the responsibility of going through the process of recovery, learn a lot about themselves and their finances.
One of the hardest lessons is how relentless creditors can be to collect their debts. Creditors have several options to make your life miserable. Some of their actions may border on harassment. They can contact you multiple times, take you to court and sue you, repossess or foreclose on secured debts, and if they get a judgment from a lawsuit against you, they can garnish your wages or attach liens against your assets. Most of the time, the only way you can stop them is by filing for bankruptcy.
The moment you file a bankruptcy, a judge will order all collecting actions to cease. This is called an automatic stay. The automatic stay stops lawsuits, foreclosures, utility shut-offs, evictions, repossessions, garnishments, attachments, and debt collection harassment. Creditors will have to continue their debt collection efforts by dealing with the U.S. Bankruptcy Court trustee instead of the debtor.
Filing for bankruptcy protection is a legal proceeding that is designed to protect both creditor and debtor and to allow the honest person or business to work their way out of a bad financial situation, or in some cases, start fresh.
Bankruptcy can be a positive learning experience if, when you are given a fresh start, you do not make the same mistakes again. Some who have experienced bill collectors hounding them for money, vow after surviving bankruptcy, to purchase goods and services with cash only. Living on a cash basis is not easy, but it is certainly an honorable attempt to not repeat the same mistakes twice.
Living within “your means” is different for each individual. Most of us should stay away from credit cards or any high interest bearing credit accounts, like revolving store accounts. In these latter cases, it may be wise to learn from experience and go the cash route if you think you need the items you are purchasing.
Bankruptcy can teach us some important life lessons. Choosing the appropriate bankruptcy can be complicated, and it is important to talk to a bankruptcy lawyer.
If need relief from the stress of debt and you live in or around the metropolitan area of St. Louis, Missouri and Illinois, contact us at www.betterbankruptcy.com .We will help you find a bankruptcy attorney in your area who will answer your bankruptcy questions.
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According to CNN, Greece officials, under pressure from international lenders, agreed to austerity measures, measures which were required to clear the way for Athens to receive emergency loans.
Greece, who has debt payments due in mid-July needed international assistance to avoid a default on their loans which could have disrupted the European banking sector. Pressure from the European Union and the International Monetary Fund have forced Greece to make difficult cuts through a five year austerity package, cuts which had to be made to get $17 billion in emergency funds.
These measures were passed despite intense protests in the city of Athens. Crowds of protesters surrounded the parliament building as Greek riot police sprayed them with tear gas. The crowd grew as the vote neared with a small number of protesters hurling stones at the police as they waved a Greek flag and chanted. Dozens of protesters and 19 police officers were injured in the melee.
The demonstrations, which were part of a two-day general strike, were expected to continue on Wednesday. Major Greek unions are planning to march Wednesday on Parliament after the vote. The strike started Tuesday, crippling much of Greece’s transportation systems, including travel by air, sea and land.
The austerity measures, which included provisions for job cuts and new taxes, were passed by a 155 to 138 vote (with two members abstaining and five voting present). The international community, including German Chancellor Angela Merkel, called the passage of the austerity package “really good news.” Other supporters of the measures conclude that changes were needed to stabilize, not only Greece’s economy, but also the euro and other global financial systems.
This is not the first time Greece has faced an economic crisis. Last year Greece was given a $156 billion bailout package as its deficit soared, but the international groups were refusing to pay any additional installments until Greece made significant cuts.
Some Americans watch the Greek riots with little interest, not realizing that this could be the future of America if drastic cuts are not made to our own entitlement programs. Social Security, Social Security Disability, Medicaid, Medicare- all of these programs are promises made by the Federal Government to its citizens. Some of these programs, like Social Security, are initially funded by workers, but the funds are drained by other social programs or to pay current retirees.
Like countries around the world, some individuals and families are also facing a financial crisis. Whether you have suffered from a severe illness, high credit card debt, bad investments, divorce or a sudden death, you may need relief from your situation.
Filing for Bankruptcy
Filing bankruptcy may not solve all of your financial problems, but it may allow you to stop a home foreclosure, property repossession, bank account levy and wage garnishments.
Bankruptcy laws are complicated and bankruptcy is a serious financial decision. Filing Chapter 7 Bankruptcy may allow you to discharge most of your unsecured debts including credit card debts and unsecured loans. Not all filers will qualify for Chapter 7 Bankruptcy. Filers who do not meet the income requirements for Chapter 7 Bankruptcy may be able to file Chapter 13 Bankruptcy.
Chapter 13 Bankruptcy does not immediately discharge debt, but it may allow filers to create a 3 to 5 year debt repayment plan to repay their debt, often with more favorable debt repayment options.
Contact a bankruptcy lawyer today and find out if bankruptcy is right for you. Keep in mind, not all debts are discharged by filing either Chapter 7 or Chapter 13 Bankruptcy.
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According to CNNMoney and a new survey released Tuesday, the perilous downward spiral of home prices broke in April after eight consecutive months.
David Blitzer, S&P/Case spokesman confirmed the data in a statement, “In a welcome shift from recent months, this month is better than last — April’s numbers beat March. However, the seasonally adjusted numbers show that much of the improvement reflects the beginning of the spring-summer home buying season.”
Foreclosures have also been falling and Blitzer hopes that this signals a turning point for the housing market, although he admits that it is too early to tell. Industry analysts agree that any news that the troubled market is improving will be exciting to the industry and that other market conditions may not be as dire as the statistics indicate.
Some of the good news has been reported by Joseph LaVorgna, chief economist for Global Markets Research, who reports that there has been a decline of 16% in the sales volume of distressed properties this year and non-distressed sales have also increased by 11%.
Although prices have been down 4% year-over-year, much of the price drop can be attributed to homes which have been foreclosed. Non-foreclosed homes have held their price much better, especially in certain parts of the country.
Ben Bernanke, Federal Reserve Chairman, anticipates, “if we can reduce the current number . . . maybe 40% of home sales, which are on a distressed basis, that would do a lot for stabilizing the market and helping give people confidence that they can buy and not be buying into a falling market.”
Other housing analysts have tempered their reaction to the news, claiming that although housing sales have ticked-up in April this may not be significant.
According to Mike Larson, a housing market analyst for Weiss Research, this same thing happens every spring. He believes that there is a seasonal component to the statistics, and although this is good news, it may not indicate a full housing recovery and he may be right. Consider Detroit.
Detroit continues to be the worst performing housing market, where prices continue to fall. For the month, Detroit has faced a 2.9% decline. Minneapolis, Minnesota, also continues to face a severe housing market. Since last April, home prices have toppled 11.1%.
What does this mean? According to Larson, although some cities have seen some improvements, the housing market has not gained any steam. “We’re not falling off a cliff anymore, but we’re only going sideways,” he said.
Filing for bankruptcy
Whether you have faced a severe medical crisis, high credit card bills, a job loss or an unexpected divorce, you may be looking for a financial solution. Not all debtors can file for bankruptcy.
Talk to a bankruptcy lawyer and find out if you can file for Chapter 7 bankruptcy which will discharge most of your unsecured debt or if you must file for Chapter 13 Bankruptcy which will allow you to create a three to five year debt repayment plan to repay your debts, often with much more favorable debt repayment options.
Filing bankruptcy is a serious legal decision which should not be made without considering all of the legal ramifications of your decision.
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According to the Associated Press, the Los Angeles Dodgers filed for Chapter 11 bankruptcy protection on Monday June 27, 2011. Frank and Jamie McCourt, owners of the Dodgers, divorced two years ago. She operated as the CEO of the Dodgers while the two were married, but when they divorced, a fight for ownership ensued after Frank fired his former wife. Jamie McCourt, reportedly, is livid over the fact her former husband filed for bankruptcy protection, further complicating her unsettled ownership issues.
Frank McCourt is blaming baseball Commissioner Bud Selig for the bankruptcy. According to McCourt, Selig rejected a proposed TV deal last week that would have provided the franchise with $385 million of much needed upfront money.
What McCourt is not discussing in the news is the fact he and his former wife lived one of the most lavish lifestyles, extreme even by the standards of Los Angeles’ super rich. Divorce court records revealed multiple lavish homes, private security, country club memberships, and even a six-figure hair stylist on call for the couple.
Whatever really caused McCourt to file for bankruptcy protection, whether it was the divorce, personal lifestyle, or fights with baseball’s Commissioner, his income was obviously not enough to meet all of his living and business expenses. McCourt simply did what most in that situation would do, file for bankruptcy protection.
There are basically two types of bankruptcies an individual in business can file- a Chapter 13 Bankruptcy or a Chapter 11 Bankruptcy.
Chapter 13 Bankruptcy, known as a wage earner’s plan, enables individuals either employed or in business to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.
If the debtor’s current monthly income is less than the applicable state median, the plan will be for three years, unless the court approves a longer period “for cause.” If the debtor’s current monthly income is greater than the applicable state median, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years. During the plan, creditors may not start or continue collection proceedings.
Chapter 11 Bankruptcy, used primarily for business bankruptcies, is very similar to Chapter 13 Bankruptcy, but a trustee can run the daily operations of the business. In Chapter 11 Bankruptcy, unless a separate trustee is appointed for cause, the debtor, as debtor in possession, acts as trustee of the business. Chapter 11 Bankruptcy repayment plans also have a more flexible payment schedule. The Bankruptcy Code does not specifically apply a timetable to the plan, but most Chapter 11 plans are finished well inside of 3 years, depending on the size of the business.
There are a lot of reasons individuals and businesses file for bankruptcy protection. Most bankruptcies in the United States are caused by a divorce, a catastrophic event, a foreclosure, a sudden loss of income, a poor economy, or an unexpected medical expense. Divorce, the inability to secure the TV contract, and a lavish lifestyle all contributed to the need for bankruptcy protection for the McCourts.
If, like Frank McCourt, you find that you are bankrupt, you may need to talk to a bankruptcy attorney. If you need relief from the stress of debt and you live in or around the metropolitan areas of Minneapolis, or St. Paul, Minnesota and Wisconsin, contact us at www.betterbankruptcy.com. We will help you find a bankruptcy attorney in your area who can answer your bankruptcy questions.
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Who killed California? Although California remains the most populous state, with 37.3 million people, for the average Americans, the state has lost its appeal. Look no further than the census data, where California grew at a slower rate from 2000 to 2010 than it has since its year of statehood and is now facing one of the largest population slumps in California’s history.
Where is everyone going? The California middle class are leaving the state in droves, heading to other states such as Colorado, Nevada, Arizona and Texas. In the last 10 years, more than 1.5 million people have left California for other parts of the United States than have come to California (according to analysis from the Public Policy Institute of California).
California has always been considered the “golden” state where the growth rate, before the 1990s, had never been below 20%. The state also saw its highest peak of new residents in the 1850s when the Gold Rush increased the state’s growth by 350%. Many people stayed filling up the state and implanting the idea in the rest of American’s minds that California was always in an upward trajectory. It was the “land of opportunity”, home to Hollywood.
Why are they leaving? Most people leave due to high taxes, unemployment and the high cost of living. Others acknowledge that California’s economy is in a slump and there is not a good indication that there will be a turn around. California is currently unable to pay its bills and has resorted to issuing IOUs.
The collapse of the California government may be attributed to its expansion. Between 2003 and 2007, spending grew 31%, compared with a 5% population increase. What does this mean for California residents? According to the Tax foundation, California’s tax burden is the 6th highest in the nation. Add this to the ever-growing regulations, which businesses agree has created one of the “the worst business climates in the nation”, and it is no wonder that California’s unemployment rates are close to 15%.
Some claim the slump was unavoidable. According to Dowell Myers, a professor of urban planning and demography at the University of Southern California, “It had to slow down at some point.” He also points out that for things to dramatically change there would need to be an economic disaster in another part of the county. He claims that if things turned desperate in the Midwest, Southern California may become “a beacon of hope”.
Some claim that due to the population growth, what at one time seemed magical and dream-like, now seems usual and urban. Gone are the days of living in Orange County with the farms and orchards. Add to that the high prices of homes near the coast and most California residents cannot live anywhere near the Pacific and instead find themselves in Los Angeles fighting traffic jams. Their view is not the waves and sandy beaches but strip malls and highways.
Not everyone lives in L.A. but even in less expensive parts of California those who have lower paying jobs have trouble. The American Human Development Project which is a nonpartisan Social Science Research Council recently found that many in California are either wealthy or they are poor. According to William Frey, a demographer with the Brookings Institution,
“The middle is hollowing out.”
Not everyone agrees with this view of California. Some who have migrated from Mexico, like Sara Flores, 28-year-old teacher in Orange County, says she has found her dream. “It’s exactly what I pictured: a better life, a better opportunity,” she said, “Disneyland.”
Filing for Bankruptcy
If you live in California and you are facing financial ruin, filing for bankruptcy protection may be one way to stop a home foreclosure, property repossession, bank account levies, and creditor harassment.
Filing bankruptcy is an important financial decision which should not be done without consulting with a bankruptcy lawyer. Bankruptcy may have serious financial ramifications. Talk to a bankruptcy lawyer and find out if bankruptcy is right for you.
Ready to find out today if Bankruptcy is right for you?
Complete the short form below and get answers now!
The economy can change overnight, money markets can crash, local and state governments can topple, but in America, regardless of the tragedy, someone always finds a way to make money.
According to news articles, in Florida, where foreclosures are rampant and Home Owners Associations so prevalent, a group of ex-cons have figured out a way to take advantage of the slowdown in foreclosures.
Although the Fannie Mae deadline for completing a foreclosure is 450 day, Florida foreclosures can take over 600 days to foreclose on a property. Home Owners Associations (HOA), who stand to lose money from foreclosures, cannot collect HOA dues from clients who are in the foreclosure process and filing for bankruptcy. Many lawyers are currently encouraging the associations to file lawsuits to place liens on the homes.
Ex-cons have formed a group that buys the rights to the properties in lower courts for pennies on the dollar. One group recently bought 71 properties at foreclosure auctions for just over $220,000, but estimated at a normal market value of $8.2 million.
The auction purchases means the group can do as it wishes with the property, rent it, sell it, or live in it (at least until the mortgage company presses the lien on their loan). On average, the investment group hopes to retain ownership for about one year (given the current speed of mortgage company foreclosures in Florida).
Although legal, the practice is probably not ethical. If the investment group sells the property to a buyer or rents the property, there is no law in Florida requiring the investing group or HOA to tell the new buyer or renter there is already a lien on the property.
The silence of the HOA enables them to receive the revenue from the new buyer or renter to keep their association afloat. The investment group gets a return on their investment too, but the new buyer or renter may eventually lose because they could be evicted and/or foreclosed on.
Does Florida need emergency legislative action requiring the investors and/or HOA to reveal the potential loss to the new buyers? There is a law in existence called the Truth in Lending Act of 1968. The federal law was designed to create minimum standards for lending institutions and requires mortgage companies to disclose to their customers what they are getting for their borrowed money, but the HOA and investment group might be skirting this law because they are not acting as a lending entity.
Nevertheless, not making the new buyers and renters aware of the liens is just creating another opportunity for a new round of bankruptcies. Yes, we are still in difficult financial times, but silence is not always golden. In this case, I think it is unethical.
Bankruptcy laws can be complicated and if you are considering filing for bankruptcy protection, you might need legal assistance. If you need relief from debt and you live in or around the metropolitan area of Miami, Florida, contact us at www.betterbankruptcy.com .We will help you find a bankruptcy attorney in your area who will answer your bankruptcy questions.
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According to CNNMoney, the middle class may be eventually priced out of a college education. CNNMoney reports that while middle class incomes have been relatively stagnate in the past 20 years, tuition and fees at public universities have skyrocketed, rising almost 130%. What does this mean for you if your family is middle class?
“As the out-of-pocket costs of a college education go up faster than incomes, it’s pricing low and medium income families out of a college education,” said Mark Kantrowitz, publisher of financial aid sites FinAid.org and FastWeb.com.
This report confirms what many middle class families already figured out. It may not be worth it to accumulate this much debt, especially with the current unemployment rates and the high chance that it could take years to repay college education loans.
The numbers are surprising, in 1988, students could attend a semester at a four-year public university for approximately $2,800. This included fees and tuition. In 2008, this same student would have had to pay an estimated $6,500. This is an increase of 130%. The actual cost of college, which would include the cost of living and books, would actually be much higher.
Middle class Americans have a median income close to $40,000, but this is much less than the estimated $77,000 they need to be earning each year to keep up with the rate of rising college costs.
Not only are wages failing to increase fast enough to pay for college, financial aid which is provided to students has also not adjusted for the increased cost. Even government-subsidized student loans have remained fairly stagnant.
So what are families doing as the disparity between higher education and income widens? Some families have sacrificed the dream of a four year degree, opting rather for a two year degree or technical training. Other families have begun to borrowing unprecedented levels of debt to subsidize the educational costs, but is this a good idea?
Many claim that student debt may be justified because it may lead to the hope and promise of a better job and a better financial future. Historically, this may have been true, especially when the unemployment rates were low. Is this still true? With unemployment hovering around 9% it may be more difficult for students to pay their loans when they graduate, loans which are averaging $23,186, according to FinAid.org.
Graduating with over $20,000 in debt may be devastating to many college graduates who may have to delay purchasing a home, saving for retirement or buying a car. Many college graduates find they are paying for their loans many years after they graduate, some when their own kids are in college.
What will the future hold? Many employers may realize college degrees are unnecessary for many jobs. Jobs in many industries can be learned with a good apprenticeship program and on-the-job training. Many workers may turn to technical training to become mechanics, plumbers, electricians and skilled construction workers. An affordable college education is a good idea, but accumulating unprecedented levels of debt is destructive to American families.
Filing for Bankruptcy
So what if you are facing a severe financial crisis and owe thousands of dollars in student loans? Can they be discharged in bankruptcy? No, they generally cannot, but there may be some exceptions if you can prove extreme hardship. The types of debts NOT discharged by filing Chapter 13 or Chapter 7 Bankruptcy generally include:
• Tax claims
• Debts not outlined in the debtors lists and schedules
• Debts for child support or spousal support
• Debts from the willful and malicious injuries to person or property
• Debts to governmental units for fines and penalties
• Debts for most government funded or guaranteed educational loans or benefit overpayments
• Debts for personal injury caused by the debtor’s operation of a motor vehicle while intoxicated
• Debts owed to certain tax-advantaged retirement plans
• Debts for certain condominium or cooperative housing fees.
Talk to a bankruptcy lawyer if you are considering filing for bankruptcy and make sure it is the right financial decision for you. Bankruptcy lawyers need to review your case to determine if discharge may be possible.
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If you have high credit card debt, you have not paid your mortgage, or you have expensive medical bills, you may be in a financial crisis. Have you considered filing for bankruptcy?
Although filing for bankruptcy is a serious financial decision, it may allow you to discharge most of your unsecure debt or create a debt repayment plan to repay your creditors. Filing for bankruptcy will also stop certain lawsuits, foreclosures, utility shut-offs, evictions, repossessions, garnishments, attachments, and debt collection harassment. That means, until the bankruptcy is discharged, all creditors will have to go through a trustee for debt repayment.
Chapter 7 Bankruptcy, commonly called liquidation of your assets, is the simplest and quickest form of bankruptcy. It is available to individuals, married couples, corporations, and partnerships. A court-appointed trustee will gather and sell your non-exempt property and use the proceeds from the sale to pay your creditors.
Most Chapter 7 cases are “no-asset” cases and the debtor will not have any non-exempt property for the trustee to sell. With a Chapter 7 discharge, if you do not have any non-exempt assets to sell, the creditors will not receive anything for their debt collections. You will also no longer owe the debts, and the creditors will have no more legal recourse.
Chapter 7 Bankruptcy, however, does not discharge all debts. Debts not discharged under Chapter 7 Bankruptcy include: alimony, child support, back taxes, most student loans, large recent purchases of more than $550 for luxury items, fines and penalties by government agencies, fraudulent debts, and cash advances of $825 within 70 days of filing for bankruptcy. In addition, if a creditor has a lien on any type personal or real property, filing a bankruptcy will have no effect, and the creditor can still legally claim the property to satisfy the lien.
Many states also have homestead laws which prevents a creditor from foreclosing on certain types of property. If you have assets that are non-exempt, a trustee will seize the property and liquidate the assets to pay off your creditors. If there is any money left over after the liquidation of your assets, you will be the beneficiary of the proceeds. You can keep exempt property or property bought back from the trustee.
Federal or state exemptions may be used in a Massachusetts bankruptcy. Exempt property includes: homestead property, personal property, tools of your trade, insurance and awards benefits, public benefits, pensions, wages, and miscellaneous exemptions.
Not everyone can file for Chapter 7 Bankruptcy. If a debtor’s income is below the median income for families in the state, based on Census Bureau statistics, the debtor will be eligible. Debtors whose income is higher than the state’s median income will not be able to file for Chapter 7 Bankruptcy unless their disposable income is within certain limits.
Filing bankruptcy can be complicated. Contact a bankruptcy lawyer if you have questions or if you need to know if bankruptcy is right for you. If you need relief from the stress of debt and you live in or around the metropolitan area of Boston, Massachusetts, contact us at www.betterbankruptcy.com. We will help you find a bankruptcy attorney in your area who will answer your bankruptcy questions.
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According to a recent CBS News story, not only is the unemployment rate hovering above 9%, the longer a worker is unemployed, the harder it may be for them to find work.
According to CBS News correspondent Ben Tracy the road back to gainful employment, even if it improves statistically for the U.S., may not provide much relief for the chronically unemployed. The chronically employed, who have large gaps in their resume, may have difficulty finding work, and the bigger the employment gaps, the more explanation employers may want.
According to reports, about 6.2 million Americans, 45.1 percent of all unemployed workers in this country, have been jobless for more than six months. This is a higher percentage of unemployment than America faced in the Great Depression.
Economists point out that the economy is mostly to blame, but certain types of industrial and manufacturing jobs may not return, even if the economy improves. Jobs have been exported overseas in increasing numbers, and many experts say that the unemployed worker who worked in these industries need to find a job, but they also need to began taking several steps to find a new career.
According to Jerry Nickelsburg, Sr., an economist at UCLA, “That person has to discover what field they want to work in, become trained and find a job in that field.” In this competitive job market, workers cannot wait around and wait for the job to come to them, some of these jobs are not coming back.
The news report also points out that many of the unemployed have not felt the full impact of joblessness but many will as their long-term unemployment benefits expire. Unemployment benefits may have been providing much needed income for food and clothing, but the unemployed should also use the money for new job training.
There is an emotional toll for the unemployed as well. Paul Taylor of the Pew Research Center agrees, “If you have been unemployed for 6 months or more, it takes a much deeper toll – not just on your personal finances and your career prospects – but on your emotional well-being.”
Filing for Bankruptcy
Joblessness, the inability to pay your bills, sky-rocketing debt or home foreclosure – all of these can cause bankruptcy. If you have lost your job or if you have been unemployed for many months, you may be struggling to pay your bills. If you owned a home you may be facing home foreclosure.
Finding a job and getting your financial footing is of course the best course of action, but if you are taking the appropriate steps and cannot regain your financial footing, you may need an immediate solution.
Filing for Chapter 13 Bankruptcy may allow you to repay your creditors with a 3 to 5 year debt repayment plan. Filing for Chapter 7 Bankruptcy may allow you to discharge certain unsecured debts.
Filing for bankruptcy is not the right solution for everyone, and there can be drastic financial consequences. Do not file for bankruptcy without first consulting with a bankruptcy lawyer who understands bankruptcy law and can help review your financial situation and determine if either Chapter 7 or Chapter 13 Bankruptcy is right for you.
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