The Face of Bankruptcy

Over the past decade, the amount of individual consumers filing for bankruptcy protection has increased over 50%.  Even more recently, the economic downturn has caused more individuals to consider bankruptcy than ever before.  No longer is bankruptcy a four-letter word.  Mass layoffs, the implosion of Wall Street and the housing market and a higher dependency on debt have shifted the face of bankruptcy from the destitute to the solidly middle class.

Statistics show that every type of American is looking at bankruptcy as an option to a fresh start, not just the destitute.  For the past two years, individual stories of polished professionals and even some generationally wealthy filing for bankruptcy protection have made news headlines.  As the unemployment rate and cost of living increase, so does consumer borrowing.  Many everyday people find themselves in over their heads with creditors, even those who are gainfully employed and healthy.  The stigma that someone filing for bankruptcy merely mismanaged their money has been severely challenged, and hopefully eradicated.

Many people who never thought they would consider bankruptcy have filed and were able to make a new start as a result.  With the help of a capable Fears | Nachawati Law Firm attorney, your finances can make an about-face for the better.