Most everyone today knows that over 23 million Americans are unemployed.
Here is something to also think about…
Most bankruptcy courts are backlogged. Now consider, it costs roughly 1500.00 to file for Chapter 7 bankruptcy protection. The National Bureau of economic research estimates that there may be more than 1 million households in the Nation that need to file bankruptcy but cannot. They don’t even have the 1500.00 they need to file and protect themselves by officially declaring they are broke so they can get help.
To illustrate this even more. There is a huge spike in bankruptcy filings right around the time people get their tax returns. They are using what little money they have and can scrape together to file bankruptcy.
On top of this, now a requirement for filing bankruptcy is to take a credit counseling course (and its not free either).
I hope you are planning well and I certainly hope you’re helping and inspiring others to do better too!
All the best,