Lately, there has been a lot of attention given to the government shutdown on TV.
The whole thing is nothing more than a bunch of politicians using the topic as a political football.
The bottom line is the US is broke and raising the debt ceiling will just put the country further in debt.
Let's face it, the United States is bankrupt and doesn't want to face it.
They believe if they can continue borrowing more, they will be able to borrow the country out of debt.
This is the same thing that has happened to middle-class America over the last 10 years.
Large amounts of available credit have been pushed into the economy and made the American citizen a debt slave to their property.
What's funny is how quick people forget the past.
In 2007, we had a real estate bubble burst and many Americans were forced into filing bankruptcy, some to save their homes from foreclosure and others a complete liquidation.
Once again, history is repeating itself and the stars are aligning as Americans are now putting themselves in a situation of unsustainable debt.
Just like before, no one really wanted to file bankruptcy, but at some point in time that no longer became a choice.
It seems like no time is a good time to file bankruptcy.
In today's economy it is becoming apparent that many more people will have to file bankruptcy as their only way out of debt.
After the changes to the bankruptcy code back in 2005 it has become much harder to file for bankruptcy.
With the changes to the code was added a means test that makes a person have to qualify to file Chapter 7 bankruptcy.
In the past, Chapter 7 was the choice of most Americans when filing bankruptcy.
While for most, it is still the favorite, but now it is not possible for many people.
The means test is basically a formula to get the average household income of individual filing.
What it does is it takes the last six months of household income and divided by six and multiplies it by 12.
This will give the average household income that will be compared against the median income chart for the state in which they are filing.
If the person makes too much money, they will be forced into Chapter 13 bankruptcy.
This is one of the reasons the code was changed is Congress believed that there was too many people filing Chapter 7 bankruptcy they could possibly afford to pay back at least a portion of their debt through a chapter 13 payment plan.
With the changes to the code, timing has become very important especially in filing Chapter 7.
Some people that don't make it a standard paycheck and are on commission might make more money at one time during the year.
For these people, the bankruptcy attorney could make their client wait until some of the income falls off and makes him qualified to file Chapter 7 instead of being forced into Chapter 13 bankruptcy.
This is another reason why it's become more complicated to file bankruptcy and should use bankruptcy attorney to complete the process.
Before it's too late, it's a good idea to take the time and sit down with a bankruptcy attorney to see if the timing is right to file.
The whole thing is nothing more than a bunch of politicians using the topic as a political football.
The bottom line is the US is broke and raising the debt ceiling will just put the country further in debt.
Let's face it, the United States is bankrupt and doesn't want to face it.
They believe if they can continue borrowing more, they will be able to borrow the country out of debt.
This is the same thing that has happened to middle-class America over the last 10 years.
Large amounts of available credit have been pushed into the economy and made the American citizen a debt slave to their property.
What's funny is how quick people forget the past.
In 2007, we had a real estate bubble burst and many Americans were forced into filing bankruptcy, some to save their homes from foreclosure and others a complete liquidation.
Once again, history is repeating itself and the stars are aligning as Americans are now putting themselves in a situation of unsustainable debt.
Just like before, no one really wanted to file bankruptcy, but at some point in time that no longer became a choice.
It seems like no time is a good time to file bankruptcy.
In today's economy it is becoming apparent that many more people will have to file bankruptcy as their only way out of debt.
After the changes to the bankruptcy code back in 2005 it has become much harder to file for bankruptcy.
With the changes to the code was added a means test that makes a person have to qualify to file Chapter 7 bankruptcy.
In the past, Chapter 7 was the choice of most Americans when filing bankruptcy.
While for most, it is still the favorite, but now it is not possible for many people.
The means test is basically a formula to get the average household income of individual filing.
What it does is it takes the last six months of household income and divided by six and multiplies it by 12.
This will give the average household income that will be compared against the median income chart for the state in which they are filing.
If the person makes too much money, they will be forced into Chapter 13 bankruptcy.
This is one of the reasons the code was changed is Congress believed that there was too many people filing Chapter 7 bankruptcy they could possibly afford to pay back at least a portion of their debt through a chapter 13 payment plan.
With the changes to the code, timing has become very important especially in filing Chapter 7.
Some people that don't make it a standard paycheck and are on commission might make more money at one time during the year.
For these people, the bankruptcy attorney could make their client wait until some of the income falls off and makes him qualified to file Chapter 7 instead of being forced into Chapter 13 bankruptcy.
This is another reason why it's become more complicated to file bankruptcy and should use bankruptcy attorney to complete the process.
Before it's too late, it's a good idea to take the time and sit down with a bankruptcy attorney to see if the timing is right to file.