5 Reasons for Chapter 13 Attorney
More individuals are contacting a Chapter 13 attorney than ever before. Here are 5 reasons why.
There has been an upsurge in individuals contacting a Chapter 13
attorney in order to restructure their lives. We live in an uncertain
financial time with economic challenges not seen since the Great
Depression. Many older citizens who lived through that earlier downturn
are quite adept at being frugal and dealing with financial sourness and
therefore less in need of a Chapter 13 attorney. For younger Americans,
this drop in property values and rampant job scarcity has come at a
great surprise. For decades, it seemed that houses always increased in
value and hard workers were always rewarded with ample employment
opportunities. Those expectations have been turned on their ear in the
last several years for many reasons including these five:
1) Housing bubble: During the last decade, house prices rose in unheard
of leaps and bounds. People felt rich as they saw their home become more
and more valuable – on paper. Some sold and bought larger homes.
Mortgage brokers came up with a variety of creative financing methods in
order to get anybody and everybody into any home of their dreams. It
seemed the party would never end and the whole country was doing the
get-rich-quick mambo. This delightful bubble grew until it could no
longer sustain itself, since it was built with smoke and mirror
illusions. Suddenly individuals, companies, banks and municipalities
became strapped for cash and it all came crashing down leaving the
majority of the country untouched by economic hardships.
2) Unemployment: Many restaurants, shops and businesses closed their
doors due to the lack of money now flowing from the pocketbooks of
citizens. Gone were home equity lines of credit since few people had any
equity left. Discretionary money for restaurant meals and new clothes
dried up, leaving shops, businesses and restaurants without the need for
employees.
3) Underemployment: Many individuals who are working have accepted jobs
in positions beneath their capabilities and education level. When
companies close, degreed workers who held lofty, well paid positions
often end up in lesser positions. How many fast food workers hold
college degrees? More than one might imagine.
4) Health care crisis: In order to cut costs, many businesses no longer
offer health care benefits. There was a time when every large company
gave its employees medical and dental coverage. In order to stay in the
black, many corporations have slashed or eliminated healthcare benefits.
Many of these profit driven companies aren’t bad guys; they’re merely
trying to keep their doors open. But without insurance, one illness or
accident can wipe a family or individual out financially.
5) Credit card debt: With gasoline, utilities and food prices shooting
through the roof, many individuals have to stretch their budgets with
plastic. Unfortunately, relying on credit cards for living expenses
becomes a noose to hang yourself with. If a person doesn’t have the
money to pay for expenses one month, he or she will be in worse shape
the following month when interest is added to the plastic card’s tab.
Many hardworking citizens are finding themselves in dire financial
situations due to the housing crisis, unemployment, underemployment,
lack of healthcare benefits and escalating credit card debt. Calling in a
Chapter 13 attorney to restructure debt payments can be a way to dig
out. With the guidance of your Chapter 13 attorney, you can regain
control of your finances and put your mind at ease again.
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If you are searching for a Chapter 13 attorney Long Island has qualified professionals available to help you regain control of your finances. For more information and to schedule a consultation go to http://www.weberbankruptcylaw.com/.
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