As we get older success in life is all about making the hard choices. Although nobody really wants to file bankruptcy sometimes it's a choice and there is no other option. Before making the decision to file, a person should sit down with a bankruptcy attorney and make sure they exhaust all their other options like budgeting, debt settlement and debt consolidation. It might be as simple as changing your lifestyle, but in today's economy it is probably more realistic to have to file bankruptcy.
In 2012, there were 1.3 million Americans that had file for bankruptcy to eliminate their debt. This number is down from the record that was set back in 2010 when 1.6 million people had to file. Many in the media believe that this is a sign that the economy is getting better but there are more naysayers to this theory than believers. All you have to do is look at the other numbers like the drop in GDP number that just came out last month. Add to that the 5 million homes in the United States that are set to be foreclosed on, it doesn't really seem like things are getting better.
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What I believe is happening is banks are once again lending because of this people are going further into debt instead of filing bankruptcy. Over the last 10 years, the debt to income ratio of middle-class America has tripled. In a nutshell, this means that the average American owes more consumer debt than they make in a year. At some point in time, the banks will no longer be able to loan and these people have no other options but a bankruptcy filing.
Making the choice to file bankruptcy is an emotional decision. Most people have to humble themselves and let go of their pride in order to move forward. In the past, a bankruptcy carried the stigma of shame and failure. With so many Americans now being forced to file, this stigma is only a memory. Many people take a year or so to let the reality set in that filing bankruptcy is their only hope. Some of these continue to juggle their bills robbing Peter to pay Paul just to keep the accounts open. At some point in time it becomes inevitable that there is no way outside of winning the lottery to ever pay off this debt.
When the decision is made to contact a bankruptcy attorney and file, the only regret most people feel is that they didn't do it sooner. Some will have remorse of all the money they spent on past payments for debt that will be wiped out in the bankruptcy discharge. For most individuals it does take time to make a decision but someone considering to be honest with themselves should not let their pride get in the way.
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