What is Tipping American People Into Bankruptcy

1
What is Tipping American People Into Bankruptcy
2

• It isnt a secret that the times are going tough.
  
• Housing and food costs are skyrocketing while we
  continue to settle into economic recession
  Americans are quite clearly struggling.
• A recent report that was released by the U.S.
  Courts Administrative Office suggested that
  there were about 950,000 cases for bankruptcy
  filed between June 31, 2007 and July 1, 2008.That
  is a increase of 28.9 from this timeframe a year
  back.
• And this isnt just true for individuals who are
  facing this dilemma. Of the total filings for
  bankruptcy, there are more than 33,822 business
  filings for bankruptcy a 41.6 increase from a
  year back.
• What is really going on? And wheres all this
  money going? Here are some key factors that is
  tipping the people of America into bankruptcy, as
  suggested by the Bankruptcy Attorney Wisconsin

3

• Housing Costs
• Meltdown of mortgage industry was already tough
  on the American economy, and home-owners have
  really had it toughest.
• Families who couldnt afford to pay their monthly
  mortgages risk losing homes in foreclosure. 
• The declining values of home is making this
  problem even worse as homeowners couldnt count
  on the loans against the current value of their
  home in order to pay their other debts,
  especially when the value of their outstanding
  loans exceeds the market value of their home.

4

• TIPS
• Be really wary of the variable home loans.
• If you are already tied to a variable home loan,
  the you should consider re-financing to
  fixed-rate mortgage/loan, or consider discussing
  alternatives with your lender bank.

5
(No Transcript)
6

• Student Loans
• The educational costs are increasing every year,
  and the students are taking on unprecedented
  amounts of loan in order to pay for their
  undergrad and advanced degrees.
• As per the 200304 National Post-secondary
  Student Aid Study or NPSAS, 2/3rd of
  undergraduates left college with at least some
  debt, and average student loan debts among the
  graduating seniors was around 19,000.
• Most of the student loan plans often include an
  in-school option for deferment however, certain
  Americans find it harder to make payments for
  student loans once they graduate.

7

• TIPS
• One should consider consolidating their loans,
  suggests the Milwaukee Attorney
• It will help minimize the number of lenders to
  which the person owes money, and also lock in a
  consistent interest rate. And if you think that
  you wouldnt be able to make any loan payments,
  then you should look into economic hardship
  forbearance or deferment option, or into
  extending life of your student loan.
• The interest will surely continue to accrue
  therefore, you need to make sure that you make
  payments on loan more than or at least equal to
  the amount of monthly interest so that you dont
  end up going deeper into debts.

8

• Credit Card Debit
• The culture we live in today is that of I got to
  have it now, and credit card allows Americans to
  make purchase of anything, anytime and this is
  regardless of whether they can afford it or not.
• So, make sure to pay off your balance on credit
  card every month.

9
Thank You
Visit Us www.willgreenlawoffice.com