Summary: In Monopoly, bankruptcy is for the loser; in life, bankruptcy is for people who want to save money and feed their families instead of helping the rich just get richer.
Full Article: We've all played Monopoly, where money and property are tossed around carelessly and where bankruptcy is for the losers. Life is not a game, though, and in many ways those who file bankruptcy are the winners in the real world. Why? You live your life working to get by, make money and take care of yourself and your family. For most people, the money we make at work is not enough to buy us all of the things we need, such as a car or a home. We use credit to purchase these things because it's nearly impossible in today's world to afford to buy them in cash. This is how credit works best, when we pay for our luxuries or necessities in cash with the money we have and borrow against our future income for the big expenses. Unfortunately, some people want to take advantage of us as consumers. They know that some of us want things we can't actually afford and others of us can't afford the things we need, and they know that if they tempt us with offers of credit, many of us will borrow against what we'll make in the future and repay it with interest. This is not inherently bad, as discussed above the concept of credit and borrowing helps most Americans purchase homes and get to work; however, in recent years, the credit scheme in our country has gotten skewed by people who want to pray upon those who can only obtain a decent quality of life by utilizing credit. In times of prosperity, such as during the recent tech or housing bubbles, banks and finance companies were issuing credit cards, lines of credit, second mortgages and retail credit at record numbers. Borrowed money was easier to obtain than cash, and at the time, people were living well; but when the bubbles burst, when the credit ran dry, when the variable interest rates skyrocketed, it was those of us who needed the credit to get by that were hurt the worst. Suddenly, the lower and middle classes were indebted in record amounts to enormous banks and the uber-rich, and millions of Americans went from living the dream to a living nightmare. A lot of attention lately has been given to income inequality and the wealth of the 1% as opposed to the rest of us. Who are these 1% and what do they do? Largely, they make their money from investments - from lending money to people who pay them back at an interest rate, whether through investments, loans or securities. Americans have been struggling to find ways to bridge the income inequality gap by staging protests and Occupying public places. But as we've seen, these are generally ineffective as the super rich can simply drive on by the protests to their luxury mansions - you don't care much about Occupy Wall Street when you're out on your yacht in the Hamptons! So how can the average American fight back? One word: BANKRUPTCY. The rich get richer because the poor and middle income pay them interest on their own money. If you have a credit card or retail account that you pay back every month, making minimum payments will essentially double the amount of money that account will cost you over time. It is not your next door neighbor who is profiting from you, it is banks that issue billions of dollars in bonuses, it is companies like General Electric (through subsidiaries such as Care Credit, a division of GE Money Bank). These companies are profiting in the billions because the average American struggles to repay debts to companies that only need the money to issue dividends to their shareholders - which is more important, you feeding your family, or Lloyd Blankfein getting MILLIONS in an annual cash bonus? By filing for bankruptcy, whether a Chapter 7 liquidation or a Chapter 13 reorganization, you can either discharge debts entirely or repay many of them at a fraction of the total balance. Discharging debts as opposed to repaying them over time will save you thousands upon thousands in interest and fees. If you discharge these debts your credit will be negatively affected in the short term, but in the long run, the money you save will allow you to regain control of your finances and put you back in control of your financial destiny. This is not the 1920s anymore. Many of us know the phrase "I will gladly pay you Tuesday for a hamburger today", where the gluttonous Wimpy lent his word for tomorrow to reap the benefits today. In times long forgotten, people's word was all they had, and promising to repay a debt was a matter of the fortitude of your character; but this is no more. Corporations every year file bankruptcy and go back on contracts with their employees, dissolve pensions and eliminate peoples' jobs. They don't feel bad about it at all, and we don't hold it against them for doing so. So why do we base our quality as people on our ability to pay back debts we owe to large corporations, when those corporations - banks, insurance companies, mortgage lenders, hedge funds, investment banks, commodities traders - are the very ones who put us in the dire financial straits we now find ourselves in?
If you're having a hard time paying your debts, or even if you can afford to pay your debts just fine but are sick of seeing the rich get richer on your back, consider filing a bankruptcy. Consider how much money you can put into your bank instead of into the pockets of the rich, gaining interest for yourself instead of paying interest to those who are well-off already. If you're in the Pittsburgh area or Southwestern Pennsylvania, MyDiscount7.com can help you determine your options for eliminating your debt, saving your money and getting a fresh start.
Do yourself a favor, learn more about bankruptcy and how it can bring you relief from your debts without paying thousands extra in interest. Equipping yourself with knowledge is the first step to reclaiming your financial freedom and the real beginning to breaking the chains of debt.
PLEASE NOTE: This is not nor is it intended to be legal advice, and you should seek the advice of counsel regarding your specific situation to determine your options.
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