Much has happened since 2006’s economic decline. And in spite of the governments bail out efforts, poverty and disarray is still pretty evident today. Just the previous year, in 2010, there was an 8.1 percent increase in bankruptcy cases filed within federal courts all over the United States. It amounted to 1,593,081, which is significantly higher than that of 2009’s 1,473,675. Earlier on that same year, the unemployment rate peaked at 10.6%, which was a far from the pre-recession record of 5%. This most likely fueled the intensification of bankruptcy problems within the country that time period, thereby forcing people to give up their assets in the face of mounting debt dues.
But according to analysts, there are other reasons behind bankruptcy aside from the lack of job opportunities that’s still very much present today. There’s the rising fees for medical expenses; the occurrence of unexpected emergencies, the hike in divorce rates as well as people’s excessive dependence on credit. All of these have pushed majority of Americans to the edge, leaving them hanging at the mercy of filing a Chapter 7 or 13. What they do not know is that it’s still possible to go about avoiding bankruptcy even when overwhelmed by the aforementioned factors.
Paul Ritz, a financial consultant, says that anyone can still manage to pay off their loans without submitting to a bail out, even if they are deep into bad credit. There’s debt consolidation and debt counseling to get people back on track. And they could also go for debt settlement to completely and immediately resolve the financial issues they have. In addition, affected folks may also follow up on federal aid and exemptions, so they can breathe a little bit easier. And they could also ask assistance from family members and friends.
According to Ritz, “there’s no need to waist all of that hard earned assets for a loan you made back in 2008.” All you have to do is figure out an alternative that’s applicable for your situation, which can be further explained by debt specialists from groups like the National Debt Relief. NDR is an organization that assists individuals and businesses with their debt problems so they successfully manage avoiding bankruptcy. They are manned by well-rounded, competent and experienced staff, mostly composed of lawyers, to guide people and negotiate on their behalf.
If you want to give yourself a fighting chance against debt, you should check out the services that National Debt Relief offers. Reach out to them through the contact information posted on their website, http://www.nationaldebtrelief.com/