When you hear so much negative news on a daily basis, you sometimes forget about the positive side of your lives. There has been a lot presented in the news lately that is very negative about the financial condition of America, but America still enjoys a strong economy despite the news.
Americans have historically been hard workers and strong reliable bill payers. You might sometime forget, in lieu of all the negative publicity about the economy, that the American worker is the backbone of our country. Despite becoming a service providing nation in recent years, America still leads the world in production within the manufacturing sectors. In other words, the economy, although now service oriented, still leads the world in producing things, and our economy is still the world’s largest national economy.
A recent survey in The Mainstreet Newsletter of New York revealed that one in 8, or about 13% of all adult Americans, have considered filing bankruptcy at some point. Men were found to consider bankruptcy more often than women, and the middle-aged group, between 35 and 54, were more likely to consider filing than those over 55. The survey was not really scientific, but you could make the generalization from it that bankruptcy has become a little more acceptable in recent years. Out of the 1,000 surveyed, only one percent had actually gone through a bankruptcy.
You might conclude that the good news from the survey is that a large number of people may be thinking about filing for bankruptcy protection at one point in their life, but one percent or less have actually gone through the process. That means, contrary to some public opinion, most people want to do the right thing about paying the bills they owe. From the results of the survey, it should be easy to see society is hardly abusing the bankruptcy system, and in light of the American worker being willing to pay their bills, certainly you should not have the view America is a society of deadbeats.
To the contrary, the positive twist in this revelation is that despite a sluggish economic recovery, the American worker is still doing the right thing. Regardless of whether America has been in the Great Depression or the Great Recession, the American worker has responded to the challenges, and in doing so, has never really whined about it as a nation.
To end the Great Depression, millions of American workers responded to the call to serve in the Conservation Corps Camps across the United States. The work provided by that group not only lifted the American spirit during the time, the workers provided a lead example for what America has done about conservation ever since.
In light of the facts presented, there should be strong doubt there was enough abuse of our bankruptcy system to warrant the changes made in the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005. In viewing history and the current recession, the act seemed more bent on satisfying creditor lobbyists than solving abuses in filing for bankruptcy made by the American worker.
In addition to the abuse segment of the 2005 laws, the law changes added private student loans to the non-dis-chargeable list in bankruptcy protection and usury to the student loan collection process. The burden of student loans is being the financial ruination of many in the one percent category of filers.
If you have been a strong American worker who has fallen on tough financial times in this past recession, don’t allow the naysayers to keep you from getting a fresh new financial start. It is your Constitutional right to start over, but remember, bankruptcy laws are complicated, and you might need a bankruptcy lawyer to help you understand how the laws might apply in your particular situation.
If you determine you are in need of relief from the stress associated with debt and you live in or around the metropolitan area of Sacramento, California, contact us here today at www.betterbankruptcy.com .We will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.
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