During times of society-wide financial crisis, individuals of all walks of life may suffer the consequences of job-loss, rising debt, and inability to pay important bills like mortgage payments, auto loans and other debts. When it comes to financial struggle, even those who at one point were considered to be "well-off" may face serious difficulty repaying their creditors and protecting their assets.
Although many people have a stereotypical vision of bankruptcy proceedings and the people who seek protection under U.S. bankruptcy law, the truth is that any individual in any vocation may find himself/herself in serious financial trouble. If an individual finds that it is too difficult to repay debts and maintain proper payments, he or she may consider filing for bankruptcy protection under the law.
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Life-altering events like loss of spousal support, job-loss, rising debts, mortgage rate adjustments, and other actions can cause severe financial strife. People may find that their bills and debts outweigh the amount of income they bring in on a monthly basis and can eventually find that they are severely delinquent on their bills and payments.
Although persons with low-paying jobs can be easily affected by financial shifts and market downturns, people who occupied lucrative positions may also find themselves unable to repay their creditors and may seek legal assistance. Even if a person makes a high salary, he or she may still have "over-spent" their means or may find themselves unable to maintain payments on the assets they have purchased. In such cases, the person may be eligible for assistance removing harmful debts and restructuring payment plans on their existing loans.
It may be hard to believe that persons in well-paying jobs or a history of financial solvency may need to declare bankruptcy, recent studies show that Chapter 11 protection filings have risen dramatically over the past two years. If a family has up to $1,050,650 in secured debts and $336,900 in unsecured debt, they may need to seek protection and legal assistance.
If you or someone you love is facing a serious financial crisis, you may wish to consider filing for bankruptcy protection. Persons who are used to having significant amounts of money may find themselves in unfamiliar territory if they are suddenly plunged into a financial crisis and may not know where to turn for assistance.
For more information on Chapter 11 bankruptcy and higher-income protection, visit the website of the Boston bankruptcy lawyers of Joshua Spirn & Associates.
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