Will the Numbers of Those Filing Bankruptcy Increase in 2013?

Will the Numbers of Those Filing Bankruptcy Increase in 2013? "When you ask various individuals about the economy, you will receive one million unique responses. Many individuals wonder whether the number of bankruptcy filings will increase in 2013. Government debt is out of control, and we are on the verge of a fiscal catastrophe. Currently, the United States' debt is about to surpass $17 trillion, and the Federal Reserve is producing or digitizing $85 billion per month to purchase back mortgage-backed securities. Similar to the Weimar Republic, money is being created out of pure air without anyone caring. It did not work in the 1920s, and it does not appear that it will work now. The media continue to assure Americans that the economy is improving, but actual unemployment rates continue to rise. More companies have left the United States or shut down entirely. There are more individuals on food stamps than ever before in U.S. history. It was reported last week that 101 million Americans now receive food assistance. Nonetheless, they are disclosing data indicating that the number of bankruptcy filings has decreased since 2012 and that everything is improving.The city of Detroit declared bankruptcy last week because it was no longer able to meet its financial obligations. This report revealed a deficit of $3.5 billion needed to finance the city's employee pensions. This problem is not unique to Detroit; it occurs throughout the United States without being reported. According to numerous specialists, this is the calm before the storm. Looking at the real estate market, we can see that more than 5 million homes are in default, with a significant portion of these homes headed for foreclosure. It is becoming increasingly apparent that the media no longer serves as the monitor it once did.People who are struggling financially would be better off consulting a bankruptcy attorney and eliminating their debt than continuing to pay their expenses and wasting good money. People need to be realistic about their personal situations despite the fact that television informs them that things are improving. The majority of insolvent individuals wish they had filed earlier. Frequently, a bankruptcy attorney will assert that individuals become despondent after receiving their bankruptcy discharge because they recall all the money they gave to their creditor in order to continue delaying the inevitable. Filing for bankruptcy is not as disastrous as creditors would have you believe. Chapter 7 bankruptcy can be concluded from start to finish in approximately six months, leaving the individual debt-free.
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