The Chapter 7 bankruptcy lawyer keeps hearing his or her telephone ring. Filings continue to rise due to the economic struggle that continues to reverberate through the lands. The United States has had a troubling recession, the likes of which many individuals have never seen before. Old timers are recalling the "great depression" more often than they'd like to. What's resulted from this plunge in the economy is a record number of foreclosures and bankruptcies. The Chapter 7 variety happens to be the most common of the various types.
In the year 2010, a million and a half personal bankruptcy filings went through the court systems. That number is nearly 15% more than 2009, which wasn't such a stellar financial year, either. Some say that the economic situation is starting to improve but so far that hasn't been reflected in the number of individuals having to throw in their financial towel. Some money experts state that bankruptcies will continue to spike as people try to dig out. There are still multitudes of unemployment and underemployment woes. Banks are still being stingy about loaning cash, as well. These situations have led citizens to look for a way out and quite often, the way out is with a legal maneuver.
This latest recession began to be significantly felt back in 2007. At that time, the housing market tanked and millions of breadwinners lost their jobs. The year 2005 held the record number of personal bankruptcies with numbers closing in on one and three-quarters million. Coincidentally, 2005 was also the year that laws were changed by congressmen and congresswomen to tighten the stipulations and rules regarding who could and couldn't file for this legal debt modification. The Bankruptcy Abuse Prevention and Consumer Protection Act actually made these processes more cumbersome and expensive.
Chapter 7 is the method which wipes away debts by liquidating any assets that are owned. A house is often excused from the liquidation process. Chapter 13 is another popular sort which has risen in recent years as well. "13" is different from "7" because instead of wiping away bills, the burden of bills is reorganized into a more manageable game plan.
Money problems are never fun and can be extremely stressful for everyone involved. Many health ills are attributed to being under the pressure of too much red ink. Depression, anxiety, immune suppression, diabetes, insomnia and cancer occur more commonly in individuals who are highly stressed. More marriages break up over money troubles than anything else. While declaring oneself bankrupt may be an emotionally trying experience, it is often preferable to becoming sick or losing the security and love of a marital partner.
When circumstances point to needing help in regaining solid financial footing, contacting a Chapter 7 bankruptcy lawyer may be the best course of action. Finding a professional with experience, reputation and compassion for clients will make a big difference. An initial consultation appointment is often available at no cost so that clients can learn what is involved in this legal process of starting over.
In the year 2010, a million and a half personal bankruptcy filings went through the court systems. That number is nearly 15% more than 2009, which wasn't such a stellar financial year, either. Some say that the economic situation is starting to improve but so far that hasn't been reflected in the number of individuals having to throw in their financial towel. Some money experts state that bankruptcies will continue to spike as people try to dig out. There are still multitudes of unemployment and underemployment woes. Banks are still being stingy about loaning cash, as well. These situations have led citizens to look for a way out and quite often, the way out is with a legal maneuver.
This latest recession began to be significantly felt back in 2007. At that time, the housing market tanked and millions of breadwinners lost their jobs. The year 2005 held the record number of personal bankruptcies with numbers closing in on one and three-quarters million. Coincidentally, 2005 was also the year that laws were changed by congressmen and congresswomen to tighten the stipulations and rules regarding who could and couldn't file for this legal debt modification. The Bankruptcy Abuse Prevention and Consumer Protection Act actually made these processes more cumbersome and expensive.
Chapter 7 is the method which wipes away debts by liquidating any assets that are owned. A house is often excused from the liquidation process. Chapter 13 is another popular sort which has risen in recent years as well. "13" is different from "7" because instead of wiping away bills, the burden of bills is reorganized into a more manageable game plan.
Money problems are never fun and can be extremely stressful for everyone involved. Many health ills are attributed to being under the pressure of too much red ink. Depression, anxiety, immune suppression, diabetes, insomnia and cancer occur more commonly in individuals who are highly stressed. More marriages break up over money troubles than anything else. While declaring oneself bankrupt may be an emotionally trying experience, it is often preferable to becoming sick or losing the security and love of a marital partner.
When circumstances point to needing help in regaining solid financial footing, contacting a Chapter 7 bankruptcy lawyer may be the best course of action. Finding a professional with experience, reputation and compassion for clients will make a big difference. An initial consultation appointment is often available at no cost so that clients can learn what is involved in this legal process of starting over.
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