The economic landscape in the United States is quickly changing. Nowadays, hard work no longer results in guaranteed economic security. Fortunately, the nation’s safety net can help millions of struggling Americans get back on their feet. Bankruptcy provides an opportunity for many families to start over by getting rid of consumer debt and keeping their home. Read on to learn more about the new American economy and how a bankruptcy attorney can help you through these trying times.
Changing Societal Times
The U.S. economy is struggling to rebound after the recession. Meanwhile, many industries are leaving the country and being outsourced abroad by multinational corporations. Manufacturing jobs are decreasing and the economy is evolving toward a service-based economy. According to Wider Opportunities for Women, the minimum income needed for economic stability for a family of four is $67,920. This averages out to a full-time wage of $16/hour for each parent. Unfortunately, finding this sort of employment can be extremely difficult, particularly in this economy.
How Bankruptcy Can Help
Since the colonial era, Americans have believed in debt forgiveness. With over a million families filing for Chapter 7 bankruptcy in 2011, this legal action no longer carries the stigma it once did. If you have been struggling with making ends meet as a result of losing your job or facing foreclosure, bankruptcy may be the right solution for your financial situation. However, there are multiple factors to consider before filing for bankruptcy, so be sure to speak with a professional before making a decision. An experienced bankruptcy attorney can help you determine whether bankruptcy is right for you.
If you are overwhelmed by creditor phone calls or are facing foreclosure, filing for either Chapter 7 or Chapter 13 bankruptcy can help you start anew. Illinois residents should contact the attorneys of Dixon & Johnston, P.C. in Belleville at (618) 233-1103. The first case evaluation is always free, so call today to make an appointment with one of our bankruptcy attorneys.
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