Things are looking mighty tough for the average American. Job losses, foreclosures, pay cuts, rising medical costs and inflation are threatening even those who are well connected, educated and have enjoyed relatively high salaries. In the past 10 years Americans have experienced prosperity on a scale unparalleled by other societies, yet within only a few years many of us have found ourselves in debt, with little savings, bankrupt and struggling to hold on to the very basics like the ability to provide shelter for ourselves and our families. Even our senior citizens are facing bankruptcy and foreclosure, many being forced to return to the workplace after retirement because their savings are tapped out and can no longer support them.
But the most surprising thing about our nation’s current circumstances is that many “experts” are advising struggling and often jobless Americans to never declare bankruptcy, to tough it out and exhaust every asset until they’ve repaid every last dime of every debt they owe. On the surface it sounds like an honorable thing, avoiding bankruptcy, overturning every stone to repay your debts and under normal circumstances it might be considered honorable. But are we facing normal circumstances? Right now America is facing the largest number of job losses since the Great Depression and millions of Americans are facing foreclosure .
A debtor cannot repay debts with NO income. Is it honorable to avoid a necessary bankruptcy and allow the family home to go into foreclosure? Is it honorable or reasonable for a 40 year old to exhaust his/her retirement savings to repay medical debts or credit card debts because he/she has suffered a job loss or medical emergency? Sometimes, it is honorable to just walk away, declare bankruptcy and start anew. Filing bankruptcy can help you save the assets that really matter like your home and a car to get to work or job interviews if you’re unemployed. If you are drowning in debt, contact a Dallas-Fort Worth bankruptcy attorney today to discover your bankruptcy options.