According to CNN money, nearly eight million American jobs were lost as a direct consequence of the Great Recession. When that happened you can bet that tens of thousands of those unemployed workers could no longer pay their mortgages, credit card bills, utilities, or any of the other life necessities.
During 2008 and 2009 the economy was so bad that there were highly educated, skilled, and experienced professionals who found themselves looking for jobs that simply did not exist. Although some permanently laid off workers received generous severance packages, many did not. So the only choice they had was to obtain work anywhere possible, and many attempted to work two or three jobs to scrape by. Of course, many of these people ended up among the long termed unemployed, filing for bankruptcy or foreclosure, but not having enough to pay bankruptcy attorney fees to hire a lawyer.
While chapter 7 bankruptcy lawyers can provide all of the chapter 7 and chapter 13 bankruptcy information one will ever need, many people still consider it an embarrassment and even a moral failure. In fact, since the federal bankruptcy ratified in 1800, this was the way that most colonial American looked at bankruptcy. It was not only am embarrassed, but one of the most glaring examples of moral failure. Thus, chapter 7 may be the most effective way to discharge debts, but most people will go to great lengths to avoid doing so.
Although most proud Americans are worried that they will be humiliated if others learn that they have pursued a filing of bankruptcy, the fact is that only their attorneys and creditors will ever know about it. It is not like it will be printed in the paper or shouted from the rooftops. Bankruptcy is a private matter, and unless the person who is responsible for bankruptcy attorney fees chooses to make it public, it usually remains that way.
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