In today?s stormy financial climate, many people have turned to a bankruptcy attorney for help with their financial struggles. When a person?s money troubles have become overwhelming, it may make sense to wipe the slate clean and start again. No one wants to declare that they are bankrupt, but sometimes there?s no other choice. More people are having financial trouble than ever before: with the current economic meltdown, it?s no wonder that they are having problems. Individuals in every walk of life have run into snags due to the housing bubble, job slump, home equity loans called in early and credit card debt. Medical bills and divorce may also be paths to red ink. Read on to learn more about these common factors of bankruptcy.
- Housing bubble: Real estate?s rapid rise in property values made expectations become skewed. Home prices were shooting up daily. Bidding wars were an every day occurrence. Many individuals began to see this boom as the new reality instead of the unprecedented bubble that it was. Many people staked their futures on the continued climb of real estate prices. Unfortunately, this was not to be the case. When house prices dropped, the decline triggered a domino effect which turned into foreclosures, job losses and banking failures.
- Job slump: With less discretionary income, consumer spending began to slow way down. Retail shops, restaurants and many other businesses began to feel the crunch. Lay-offs and downsizing have led to much financial difficulty.
- Home equity loans called in early: Since property values were on the constant rise, home equity loans were given out by the banks like candy. Consumers were able to tap their equity?s flowing cash spigot at any whim. Unfortunately, when equity disappeared, so did these easy cash sources. Goodbye to home-sweet-piggy bank.
- Credit card debt: Credit cards have been an easy way to finance anything and everything a person could ever possibly want. Vacations, clothes, fancy dining ? you name it and it was available by charging it. Revolving credit cards have slid many well-intentioned citizens into the muck. Compound interest and balances that grew until they eventually crushed the card-holder are common examples of burdens too big to carry.
- Medical bills: Many individuals don?t have health insurance. When a large medical expense comes up, the uninsured are often dragged down into an unfortunate financial circumstance. A simple hospital procedure can cost thousands of dollars. Even a single occurrence of major illness can bankrupt a person.
- Divorce: A marital partnership is like a business partnership. Shared financial responsibilities and ownership of assets can be a good thing. When a divorce occurs, the financial business end of the relationship often takes a beating. One or both spouses may end up poorer by far. One more unfortunate side effect of divorce is that a couples? finances are often strained to the breaking point.
In today?s economy, many families and individuals are having to make hard choices about surviving financially. If sleepless nights have become the norm and there seems no other way out, a bankruptcy attorney may be able to offer help. They?ll help by going over your options with you and coming up with a clear plan to tackle the problem head-on. Even if things seem dark, remember: a fresh start is possible.
Source: http://www.ashevilleattorney.us/a-bankruptcy-attorney-your-helper-in-getting-a-fresh-start
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