This New Year"s Many People Consider Filing Bankruptcy For Different Reasons

As the numbers continue to roll in for the last year, it's apparent that the economy is not getting much better.
The numbers for Christmas sales are dismal and have not returned since the boom back in 2006.
The government continues to spend money like drunken sailors as their printing presses are the only thing that is holding up the US economic system.
Over 50 million families are now receiving food stamps in the US but no one really sees it because they are spent using an electronic debit card.
The taxpayers pay for it and the banks get a premium for issuing the cards.
It seems that nothing has been fixed since the 2007 economic collapse.
It would've been much better to let all these financial institutions fail in the US and let the country recover on its own.
Let's face it, millions of Americans should be filing bankruptcy but the inevitable is being delayed by the Band-Aid the government is putting on it.
Getting the banks to push out more credit does not help someone get out of debt but pushes them closer to the proverbial bankruptcy filing.
Each and every year more than one million people consider filing bankruptcy, with this year being no exception.
So this New Year's if you are in a position where you are considering filing bankruptcy you are not alone millions of people are in the same boat.
The crazy thing is it seems like the room in the boat is getting scarce.
Before the government changes the law and takes it away, people in debt should file bankruptcy and start over.
When one deliberates about bankruptcy, typically Chapter 7 Bankruptcy is what most people think of.
A Chapter 7 Bankruptcy, or liquidation bankruptcy, is where the individual's unsecured debts are wiped out in the bankruptcy discharge.
Unsecured debts are typically credit cards, medical bills, personal and payday loans, as well as any secured debts that the individual wants to give up in the bankruptcy to have them eliminated.
In today's economy, generally the debtor does not lose any property in the bankruptcy due to exemption laws that protect a fair amount of personal property.
Bankruptcy was not designed as a punishment but a way to allow honest hard working Americans relief from the burden of massive debt and give them the ability to gain a fresh financial start.
If they wanted to punish you they would bring back the debtor's prison.
It is understandable that nobody really wants to have to file bankruptcy, but many times unforeseen things arise that leads someone into financial difficulties resulting in the decision to file bankruptcy.
In today's unstable economy bankruptcy has been a blessing for many struggling individuals and families.
Job loss, layoffs, and company downsizing are now very common and has caused extreme hardship for many people.
Death or disability of the family breadwinner can cause a financial crisis that is difficult to recover from.
An unexpected medical illness resulting in major medical bills have left many individuals with or without medical insurance in a financial tailspin.
Now that government health care goes into law this year, many people that are barely getting by will be saddled with an extra expense of medical insurance that they otherwise wouldn't have paid for.
Those that have insurance are seeing premiums go up as much as double.
When you're barely making ends meet, this might be the one extra expense that pushes one's family over the edge.
Divorce is another issue that has wreaked havoc on many family's finances.
Any one of these circumstances could potentially be devastating financially speaking if it was not for the ability to file bankruptcy and gain a new start.