By now, the economic crisis has reached every socioeconomic group and every area of the country. So many people have had to watch as their retirement investments shrunk or disappeared entirely and the drops in investment values were not the only blow that hard working people have suffered.
Many home owners who had built up years of equity in their houses saw their “nest egg” of home equity evaporate when the bottom fell out of the housing market as well.
These double whammy hits coincided with job loss for tens of thousands of people when corporate downsizing cut them from the payrolls of businesses in all sectors of the economy, from manufacturing to executive think-tanks.
The triple hits that many families took with the economic downturns sent record numbers of people into financial distress, unable to pay their bills and stay afloat.
Torrance Bankruptcy attorneys have seen an increase in the number of clients and prospective clients they have been able to help. The option of finding a fresh start with your financial life is something that can be made possible by filing for a Chapter 7 bankruptcy action.
There is no stigma attached to the filing of a bankruptcy case, quite the contrary. Filing for either Chapter 7 debt relief or the re-organization Chapter 13 personal bankruptcies are seen as debtors taking a proactive approach to their overwhelming levels of personal debt.
The life of a person who is deeply in debt and late with the payments to their bills is one of stress and anxiety. Phone calls from aggressive and impolite creditors may be coming in at all hours of the day and night. It can seem as if even staying at home is no solace from the financial pressures they face.
The Torrance Bankruptcy attorney can explain to their clients how the process works when a personal bankruptcy is being filed. The major work of filing either type of case is the collection of a comprehensive list of all debts and assets.
Your lawyer can clearly explain to you the options that are best for your specific situation and if you choose to file a case, the creditors will stop bothering you immediately. Many people have found that their bankruptcy gave them a fresh start in their financial lives and a chance to rebuild their credit rating as well.