It is not unusual, considering the way that the world economy has brought many to their knees over the past year or so, to see more and more people are turning to the courts to deal with their overwhelming debt issues. Indeed, most people will be glad to say goodbye to this first decade in the twenty-first century. Anyone who finds themselves in this position must surely get hold of a bankruptcy lawyer if they want to save anything of their belongings from going under the hammer. A bankruptcy attorney will try his best to get some of the debt wiped out or expunged completely depending on the circumstances.
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Even large corporations which would seem to be invincible have found themselves up against the wall in the last year or two. If huge conglomerates could not weather the storm, what chance would the rest of us have?
While companies and individuals alike try to sort out the problems without dealing with the courts, the creditors are so anxious to get their pound of flesh that it can take a threat to file in court to get them to the discussion table. Those who do not agree to talk will often get nothing when the court gets involved while those who were very willing will usually end up with at least part of what they are owed. It is really a case of taking the chance in these circumstances and the court is surely the last resort that anyone would wish to employ.
Indeed, things have gotten so bad that the government, in its attempt to bolster confidence, has started to juggle with the true figures so that companies, and other countries, start to invest again. Imagine the rate of unemployment that is official is around ten per cent while those in the know will place this figure at nearer twenty per cent so this shows how the government is trying hard to cover the truth.
For the man in the street, the government brought in Chapter 7 and Chapter 13 to try to save those people who would otherwise have to give up their homes. This, of course, would then fall on the government since those people put out of their homes would have to rely on the government to bail them out and even subsidize their living arrangements for the foreseeable future. Considering that the housing market has hit rock bottom it would be impossible to recover much from the sale of their homes anyway.
Indeed, negative equity, and all this entails, put a lot of people in a very deep hole and this also includes the banks which lent out the money in the first place. Banks have fallen down in this deep depression, that the government does not want to admit to by the way, and are only just beginning to see the light at the end of the tunnel thanks to bail outs from the government. All in all, this has been a tough time for most people.
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