Good for Business, Good for You

There is a strange dichotomy in the United States when it comes to money and bankruptcy. While individuals are vilified for not being able to pay their debts, corporations are able to get away with filing bankruptcy and still remaining in business. Some businesses would have had to file for bankruptcy if it weren't for the bailout policy of the U.S. This type of logic is fundamentally flawed and based on the idea that an individual is responsible for everything that happens to him or her. Sometimes, people have bad luck and must find a way to get out from their debts. Bankruptcy lawyers in Memphis, TN understand this and can help people find the right bankruptcy plan for them.

Consumer Debt

The consumer society not only encourages spending, debt, and waste, it requires it in order for businesses to continue to remain solvent. As long as corporations and government are not willing to allow for no growth in the economic sector, citizens will be required to spend more. This concentrates the wealth at the top of the economic food chain while reducing the buying power of the workers and simultaneously requiring those workers to spend more on things that they do not need in order to keep the economy going. With this type of system in place, it is no wonder that some people will need to declare bankruptcy in order to start fresh.

Bankruptcy Stigma

Unfortunately, there is still a stigma against declaring bankruptcy. Individuals want to honor their word and pay back their debts. This cowboy mentality is bred within the fabric of American culture; it had its purpose when people supported people. However, that time has ended. Now, people need to realize that corporations do not hold to such rules and neither should people when they are dealing with the same entities. There is nothing wrong with declaring bankruptcy, especially if one has become a victim of a downturn in the economy. 

In the Tank

The last time the economy went in the dump, people lost their homes to illegal foreclosures. They lost their jobs as money became tight, and they lost their retirement as the stock market crashed because a few big businesses made bad decisions and the government chose to bail those businesses out directly rather than supporting the individuals who were crushed under the weight of debt created by falling property prices that were sold at historically high rates. Had the government given the money to the banks with the stipulation that those who were affected kept their homes, the story would have been different for many people. Even with the stock market recovered, people who had no money left to invest are still feeling the lingering effects of that last downturn. They may be struggling to get by, and that struggle may become like a man drowning in the ocean. There is only so long before that person needs help or they drown. Bankruptcy is the life ring, life boat, and rescue that some people need.

Bankruptcy Law

Of course, like all laws, bankruptcy law is maddeningly complicated. Anyone interested in declaring bankruptcy will want to consult bankruptcy lawyers in Memphis, TN, before they make any declarations. These types of lawyers specialize in bankruptcy law and help make the decision about the correct course of action. Sometimes, they can negotiate with companies to lower the payment for accumulated debt so that their client does not have to suffer any of the consequences of bankruptcy. It is in everyone's best interest to find the easiest solution and, sometimes, that decision means getting a fresh start in the financial arena.

 

Source : articlesbase.com