Why Bankruptcy?

Rising Costs, Lower Income – Reasons to File Bankruptcy

Reasons to File Bankruptcy

If you had to see the political debates this week, both parties spoke of income disparity. Many of our fellow Americans live at or near the poverty line. 36 percent have no savings for an emergency. Another 32 percent have less than 10 thousand dollars in savings. That equates to 68 percent of the population one health or business crises away from having nothing.

One constant is our underfunded city, state and federal pension and entitlement systems. This coupled with an 19 trillion dollar deficit means higher taxes, higher deductibles, higher costs, higher co pays and less money for the average American.

Last night one politician said everybody should get free college. Just like healthcare when less people are paying for more insurance that means your payments will rise. See your tax returns this year. How does that make you feel? Do you feel "Patriotic" to pay high taxes? Does the government spend YOUR money wisely?

So what is a BUSINESS STRATEGY a person or family can use to level the playing field. Banks and car companies got their bailout. The top 3 pharmacuetical companies made over 45 billion last year. The powerful have lobbyists and offshore accounts to lower their taxes.

I say BUSINESS STRATEGY because Bankruptcy is a business decision. Donald Trumps companies have filed 4 times. The reason was to protect his assets. Donald Trump is a multi-BILLIONAIRE.

In most cases in Bankruptcy Lawyer, you keep what you own and get rid of your debts. This is called a Chapter 7 Bankruptcy Lawyer. There are several non dischargeable debts namely student loans, taxes under 3 years old and family maintenance payments.

Another Chapter is a 13 bankruptcy lawyer. In this Chapter one files if they make too much money for a Chapter 7 or they want to protect their home form foreclosure lawyer.

In either case, the debts are forgiven with little or no income tax ramification. That is a huge financial savings.

At the very least, it reduces a financial burden.

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