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The last few years have brought about economic changes that Americans were not prepared
for and had not experienced in their lifetime. For many people, financial security disappeared as home values plunged,
jobs were lost, debts rose, and help was nowhere to be found. More Americans have
faced with the decision to file for bankruptcy.
As we moved through 2010, the economy did not rebound, and unemployment rates remains
high. Hard working and proud people have been unable to find work, or have found work at a much lower pay than they
had made before. Companies try to avoid layoffs by cutting back on overtime and cutting salaries, benefits and
bonuses.
Many people never thought they would consider filing for bankruptcy. Yet bankruptcy
will allow them to survive these tough times, find a way to pick themselves up and start over. Bankruptcy can still
provide a fresh start for many.
Bankruptcy may free people from debt payments on unsecured debts so they can use the money they have to make their home or car payments,
and keep food on the table.
Bankruptcy may help people who found jobs making less or whose salaries have dropped, eliminate
loans and credit card debts so they can live on what they now make.
Bankruptcy may help save family homes, by giving people time to catch up missed mortgage payments
in Chapter 13 bankruptcy.
I hold a small hope that in 2011, the bankruptcy laws will be changed to allow modification of mortgages to provide relief for thousands of Americans facing mortgages well in excess of the value of their homes, who have high
mortgage terms that make it impossible to pay, and can't find help with the mortgage companies. The law doesn't allow
that now, but many homeowners can still be helped with the current bankruptcy laws which provide time to catch up missed payments,
modification or refinancing while reducing or eliminating other debts that had been draining their income.
Bankruptcy remains a way for many Americans to get their finances under control, eliminate
or reduce debts, restructure missed house payments and sometimes lower other secured debt payments such as cars and furniture.
If you are facing financial problems, please see an experienced bankruptcy attorney to discuss
whether or not bankruptcy can help you.
Susanne Robicsek Charlotte NC Bankruptcy Attorney - concentrating in consumer bankruptcy since
1988.
"The time has come to reaffirm our enduring spirit; the God given
promise that all are equal, all are free and all deserve a chance to pursue their full measure of happiness. Starting today,
we must pick ourselves up, dust ourselves off, and begin the work of making America again."
President Barack Obama
January 20, 2009
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