The mixed news coming out of Washington in regards to the financial situation leaves this Sacramento bankruptcy attorney scratching his head about the purported recovery that we were supposedly in.
For the past two years people on the news have been saying how things were slowly getting better for America and waxed poetic about all of the positive indicators regarding “growth”. That’s fine for Washington and New York to say because they are looking at the “Big Picture” wherein wealthy business owners with multi-national corporations are not in danger of business failure and/or are showing a profit. It has very little to do with the average American and where they are in their lives. Sure, bankruptcy filings were going down this past year, but that was because credit had already been tightened to practically nothing, loans were not being extended, and people were no longer spending money and therefore owned nothing that they could possibly seek bankruptcy protections for. In fact, people stopped being “bothered” by collections calls and cited that they were no longer stressed by the threats made by creditors. Essentially, things got so bad that people just stopped caring. As a Sacramento bankruptcy attorney I’m not sure if apathy is good news or bad news, but I know what I’m seeing on television and that is bad news.
Here is my advice to all of you: batten down the hatches and get ready. Those of you managing to stay afloat need to look at your liquid cash and savings and get prepared. More layoffs are coming. There is no way around it. With the stock markets plummeting, the US credit rating being downgraded, and all of these other financial indicators pointing towards recession the chances are pretty good that we will fall back into recession (if we were ever out of it). All it would take for the rest of the people teetering on the edge of financial ruin is for there to be another layoff or one big medical bill to push them over. So my advice is to be prepared. Get ready for the worst case scenario because it is far more likely than the best case scenario. As a Sacramento bankruptcy attorney I know the ebb and flow of these things, so I advise people that are on their last legs to look at their assets and be prepared.
If you need to speak with a Sacramento bankruptcy attorney about your options on how to become debt free contact us at 916-446-1791 or visit our Sacramento Location page for more info Here.