It's that time of the year again, Xmas trees, shopping sprees and a long list of parties to attend. But what's been on the minds of most Americans lately is just how bad the economy has become. So many companies, once considered robust and even invincible have gone bankrupt, are filing bankruptcy or are rumored to be planning to file bankruptcy in the near future.
But we can't say we didn't see this coming. The sub-prime mortgage crisis, the credit crunch, mass layoffs and rising prices for ordinary consumers were just a few signs that something wasn't right in America's financial world. Loose lending standards (or no standards), flooding the market with money/credit/debt and inflating home prices well beyond their true value, has created an environment where even the wealthiest and those who should have some financial sense are being forced for file for bankruptcy.
But isn't it funny, that while bailouts are handed out to corporations and bankruptcy for companies are given the nod, when the ordinary consumer needs a fresh start through bankruptcy, suddenly we need to talk about personal responsibility? For anyone who is facing a financial crisis, whether it is because of a personal emergency, job loss, medical expenses or even bad money management, bankruptcy is here to give you the opportunity to start again. Don't allow anyone to convince you that bankruptcy is "wrong." What is wrong is to allow your financial life to fall apart and not take control of it with the tools provided such as bankruptcy.