Tuesday, September 29, 2009

Economic Recovery On A Personal Level: Time For Chapter 13?

Well, the country’s economic news seems to be good. President Obama has announced that the economy is stabilizing; unemployment claims are slowing; the “cash for clunkers” car program has helped the automotive industry more than expected. And Goldman Sachs has turned itself around so much that it will be able to pay back the government the ten billion dollars of bailout money it received last fall. Whew! Now those investment bankers can receive massive bonuses again without penalty. Weren’t you worried about them?

Probably not. No matter how the headlines read, many of us “little guys” are still struggling with the day-to-day. No one seems ready to loan us even a small fraction of the mind-boggling amounts tossed around by Congress. When you’re waiting for the results of all this government help to trickle down to you, it can seem like a pretty slow trickle.

There may have been good, sound reasons, based upon the nation’s economy, for the way the bailout was structured. But when it comes to your own situation, everything is personal. Unemployment figures in general don’t mean much when your job has disappeared. Big bank stability is a moot point when you can’t figure out where to get the money to pay the mortgage each month. And health care reform may be too-little, too-late, if your mailbox is already bursting with unpayable bills.

If you’re in the second group—the little guy, rather than the investment banker—you may find yourself at the breaking point. If so, it may be time to consult a Phoenix bankruptcy attorney. Declaring bankruptcy is no one’s first choice as a solution, but sometimes it’s the only way out of an untenable situation. If you find yourself falling further and further behind on your bills, you may discover that a Phoenix bankruptcy offers the light at the end of the tunnel.

It could be a long tunnel. If you have a home to protect, you will probably want to file a Phoenix Chapter 13 bankruptcy. The bankruptcy attorney will help you reorganize your debt, eliminating your unsecured debt, and setting out a three- to five-year payment plan for the rest. However, at the end, you will still have your home, along with a fresh start. At that point, you can feel that the news of economic stability applies to you, too.

By: Elle Wood

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