During a recession, employment becomes an increasing concern, as job security can directly affect consumer and voter confidence. Without employment, the steady paychecks that citizens have come to expect no longer flow back into the market, causing more layoffs. As unemployment rates rise, politicians take greater measures to combat sluggish markets. As a consequence, tax dollars are used to sustain companies without providing direct benefits to the majority of citizens. The result is a shaky recovery system in which progress can be made without a genuine consensus or obvious indications of improvement.
Without a salary, less money is spent on less stable companies or ventures, which slows the development of small businesses that can provide new technologies or solutions to global problems. As small businesses are frequently the creation of a single individual or a small group of risk-taking entrepreneurs, this can be disastrous.
In addition to making debt more manageable and enabling an individual to restart their financial life, bankruptcy provides protection from some of these developing problems. Whether burdened by debts from purchasing a property or launching a small business, bankruptcy can provide a way out for those in the worst economic situations. For these individuals, credit counseling may not be sufficient, as economic factors may have become insurmountable.
Contact an experienced bankruptcy attorney if you wish to learn more about how to initiate the bankruptcy process.
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