Once again, just like every four years the presidential election is upon us. We now have to listen to the negative ads by both guys of why you should elect one over the other. What happened to the old days when people liked a president based on their merits, not because they are not as bad as the other guy. Over the last 10 years we have seen many changes to our economy from two different presidents that have total opposite ways of getting things done. The bottom line is, many Americans are still filing for bankruptcy and the economy is not getting any better. The American taxpayer has been stretched to the limits with new taxes while making much less money. The average American lifestyle has continued to decline as the rich are getting richer. If things keep going this way, the middle class will be a thing of the past.
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For those who are planning on filing for bankruptcy, wonder if the results of the presidential election will have any effect on their bankruptcy filing. A few years ago, the Obama camp put forth a reform bill that would allow bankruptcy judges in a Chapter 13 bankruptcy to have the power to modify the first trust deed or mortgage. Many feel that this would have helped millions of Americans from losing their homes to foreclosure. The problem is, the other side of the aisle didn't support it and it never made it out of Congress. Today, in the new election neither president is talking about any kind of bankruptcy filing reform or anything to help homeowners to stop foreclosure.
Currently, all that is being discussed on the campaign trail is creating jobs, building the economy, and protecting consumers from big corporate and Wall Street banking interests. As the economy continues to slide into oblivion, no amount of quantitative easing will bring this out of the hole we are in. Instead all Americans are just hearing about how we need to reduce banking regulations to free up cash for individuals trying to buy homes. Wasn't it the removal of the Glass-Steagall Act that allowed Wall Street to run rampant and cause the housing bubble of 2007? On one side of the aisle we have a group that wants less regulation and on the other side of the aisle there is a complete opposite where they want to control every aspect of our lives. It's no wonder that the middle class is falling apart as we speak.
As the politicians stand up and say whatever they need to get a vote, most Americans are getting fed up with this rhetoric. It seems that nothing is going to change this election for those thinking of filing for bankruptcy. The economy is either going to get bad or worse, it doesn't matter. Until Washington quit spending and lives by example, will there be any recovery in the United States. The only career that is truly benefiting from this crazy economy is that of a bankruptcy attorney. For young adults that are buried under a mountain of debt from student loans, they should consider going to law school and becoming a bankruptcy attorney, because that seems to be the way of the future.
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