The unfortunate thing is that it’s a widespread problem in our culture. According to a recent survey, 43 percent of American families spend more than they earn each year. As food and energy costs increase, there is less money left over to pay credit card bills. Our civilization has been enslaved by debt, and the only way out could be to declare bankruptcy. It’s preferable to declare bankruptcy than to never be able to escape and die buried in a mountain of debt. Go to this website https://www.unifiedpatriots.com/2018/04/22/enviro-activists-celebrate-first-energy-filing-bankruptcy
Consumer borrowing continues to grow year after year, particularly in December. Credit card debt increased by $19.3 billion in December 2011. According to the Federal Reserve, this brings the total amount of consumer debt to $2.5 trillion. In reality, since 1971, when the credit card industry was just getting started, consumer debt has risen by 1700 percent. However, many people are afraid of losing their “priceless credit cards” if they file for bankruptcy. They aren’t even about if or when they will ever be able to pay off these debts. Debt slavery is damaging our society all over the United States. There will be no way to turn it around until it comes to a halt.
Bankruptcy, of course, contains a certain amount of negative stigma. However, many people mistake it for a “get out of debt free” card; it is far from that and should not be taken lightly. Bankruptcy can only be seen as a last resort if you are completely overwhelmed by huge debts and see no way of repaying them in your current situation.In a Chapter 13 bankruptcy, you and your creditors agree to a fixed sum that you will compensate your creditors over the course of three to five years. Under Chapter 13, you can be required to contribute up to 100% of your income for the recovery of agreed-upon payments, which creditors typically demand to be significant (although sometimes only partial