Looking at all the data, 2014 is turning out to be very similar to what happened in 2007. In 2007, the mortgage industry pretty much imploded and destroyed whatever equity people had in their homes. Because of this, many Americans lost their homes to foreclosure when they left because they had no equity left. Another bubble has been created in the last three years in the housing industry, while most Americans were fast asleep thinking a full recovery was underway. Well, what do you mean there is no recovery? The Dow Jones and the S&P are at all-time highs. By the way, this is how the fool reads economics. They don’t understand what makes the Dow Jones and the S&P go up. If it weren’t for quantitative easing, we would be in a full-blown depressed situation. This doesn’t mean it won’t happen yet, just that it will only be delayed for a short period of time.

After the 2007 bubble, we saw a record number of Americans file for bankruptcy to eliminate foreclosure liability and wipe out all the credit card debt they had accumulated in the previous years. 2010 was the year that broke all bankruptcy records. These numbers have now been subsidized, but are still well above the 1 million per year mark. I believe we are not far from this record being destroyed. When you compare the data and graphs from 2007, they are eerily similar to the graphs that were released in 2014. During the first quarter of 2014, mortgage originations were down 71% from the same period a year earlier. On top of that, $5.2 billion in mortgages were completed in the first quarter of 2014, compared to $8.3 billion in the prior quarter and $18 billion in the first quarter of 2013. It appears that the normalcy bias is fully at work in mainstream media. communication, as they continue to pump the wounded economy.

To further demonstrate that filing for bankruptcy will see new records in the near future, all we have to do is take a look at the consumer credit debt figures. During the fourth quarter of 2013, the US experienced the largest increase in debt since 2007. Total consumer credit increased 22% over the past three years. The scary thing is that 56% of all Americans now have subprime credit. Now you should start to see the pattern here which is similar to what happened in 2007. When the government came out and announced that the support of the American people would back bailing out the too big to fail banks, I don’t know. I think everyone knew that these people in Washington would not learn from their mistakes. The good news is that they haven’t eliminated bankruptcy at least so far. But as regulations continue to shift in favor of the big banks, I wouldn’t be surprised to see that happen in the future. Bankruptcy is not for everyone, but it is sure to get people out of deep financial trouble quickly.

When someone makes the decision to file for bankruptcy, they will always weigh the pros and cons of the process. There are many more positive benefits of filing for bankruptcy than there are negative ones. The first is the bankruptcy discharge. People who file for bankruptcy are buried under a mountain of debt and the only way to get out of this debt quickly is to file Chapter 7. There is no other way to eliminate a large amount of unsecured debt other than to file for bankruptcy. All other forms of debt elimination are not protected by the US Bankruptcy Court. Because it is a legal process, creditors are very limited in what they can do with the debtor and usually simply they give up. They know that once the process begins, unless they can prove fraud, the person filing bankruptcy will get a discharge and no longer owe the debt.

Many creditors have become so aggressive in their collection tactics that they are forcing Americans to consider filing for bankruptcy. Not knowing what to do, they will consult a bankruptcy attorney and get a quick education on the process. The main benefit of the process is automatic suspension. When a bankruptcy attorney files the petition, the automatic stay goes into effect and stops all collection activity by the creditor. This puts the power back in the hands of the debtor and allows the debtor to live again without threats or phone calls from creditors. In fact, the automatic stay will also stop all legal activity, including foreclosures, lawsuits, lawsuits, and wage garnishments. There are many other benefits of filing for bankruptcy that someone should consider. To fully understand the process, a bankruptcy attorney should be consulted to see if it will work in her personal situation.