Everyone knows how tough things have been for many people. Foreclosed homes can still be seen whether driving down a city street or a county road. Far too many people have had to box up what they could and unwillingly leave their home to try to start over somewhere else.
The number of bankruptcies filed every year has declined since it reached a high in 2005. That’s meaningless to someone who has been struggling to hang on after a job loss or high medical bills. In fact, the stress of losing a job and the subsequent problems can cause a heart attack or other illness, making a bad situation worse. Almost half of all bankruptcy filings are a result of a medical issue, such as medical bills or lost wages. Most people who end up filing for bankruptcy do not reach that point because of reckless spending, but because of financial hardship.
The average filer is married and middle-aged, has only a high school education and earns $30,000 per year or less. These are the typical paycheck-to-paycheck families. They are proud people who were never able to accumulate the resources to enable them to survive financially when an unexpected disaster strikes. Even when a lost job is replaced, it is apt to be for a smaller paycheck. When they own a home, they are often desperate to find a way to keep it. The bankruptcy laws were put in place to help people like this.
Click here for more information about Bankruptcy Lawyer in St. Petersburg FL
